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) Common shares (70,000 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income $418,000 980,000 22,600 726,000 9,000 The following equity transactions occurred in 2021: 6 Feb. Apr. 6 27 May 29 Aug. 22 Issued 9,200 preferred shares for $561,200. Issued 20,000 common shares for $550,000. 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. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. 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. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $595,000. Dec. 14 31 Date Account Titles and Explanation Debit Credit Peb.6 Dividends Declared Dividends Payable lune 12 July 1