Buffalo Ltd. issues 8,500, $6 cumulative preferred shares at $60 each and 14,000 common shares at $30 each at the beginning of 2019. Each preferred share is convertible into two common shares. During the years 2020 and 2021, the following transactions affected Buffalo's shareholders' equity accounts: 2020 Jan. 10 Paid $13,000 of annual dividends to preferred shareholders. 2021 Jan. 10 Mar. 1 Paid annual dividend to preferred shareholders and a $3,300 dividend to common shareholders. The preferred shares were converted into common shares.