Canarie Corporation, a publicly traded company, is authorized to issue 212,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,600 shares issued) $418,000 Common shares (70,000 shares issued) 980,000 Contributed surplus 22,600 Retained earnings 726,000 Accumulated other comprehensive income 9,000 The following equity transactions occurred in 2021: Feb. 6 Issued 9,200 preferred shares for $561,200. Apr. 6 Issued 20,000 common shares for $550,000. 27 Repurchased and retired 2,900 common shares at $16 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 8,900 common shares in exchange for a building. At the time of the exchange, the building was valued at $173,400 and the common shares at $159,000. 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 $595,000.Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Feb. 6 Jan. 10 Feb. 6 v Dividends Declared v Common Shares v Retained Earnings v Accumulated Other Comprehensive Income