Cheyenne Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts: Preferred shares (10,000 shares issued) $470,000 Common shares (67,000 shares issued) 938,000 Retained earnings 776,000 The following equity transactions occurred during the year ended January 31, 2021: Feb. 28 Issued 5,400 preferred shares for $297,000. Apr. 12 Issued 180,000 common shares for $2.70 million. May 25 Jan. 1 Issued 5,400 common shares in exchange for land. At the time of the exchange, the land was valued at $75,600. Paid dividend of $2.50 per share to preferred shareholders. Jan. 31 A loss of $50,000 was incurred for the year.