Culver 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: $450,000 Preferred shares (10,000 shares issued). Common shares (63,000 shares issued) 819,000 Retained earnings 654,000 The following equity transactions occurred during the year ended January 31, 2021: Feb. 28 Issued 4,700 preferred shares for $263,200. Apr. 12 Issued 180,000 common shares for $2.52 million. May 25 Jan. 1 Jan. 31 Issued 4,700 common shares in exchange for land. At the time of the exchange, the land was valued at $61,100. Paid dividend of $2.50 per share to preferred shareholders. A loss of $53,000 was incurred for the year.