Benton Corporation, a publicly traded company, is authorized to issue 203,000$4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: The following equity transactions occurred in 2021 : Feb. 6 Issued 10,200 preferred shares for $622,200. Apr. 6 Issued 18,400 common shares for $524,400. 27 Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 9,100 common shares in exchange for a building. At the time of the exchange, the building was valued at $165,700 and the common shares at $151,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $527,000. Apr. 27 Common Shares Cash Contributed Surplus 47600 May 29 Dividends Declared Dividends Payable June 12 July 1 Dividends Payable Aug. 22 Buildings 151000 Common Shares Dec. 14 No Entry No Entry