Cure Atten in Progress On January 1, 2 1, Bellevue Ltd, a private company, had the following sharehry equity accounts Preferred shares. 5 Ononcumulative, unlimited number authorized, none ed Common shares, unlised number authorized, 3.30 million issued Retained earnings $3,000,000 3430,000 The following selected transactions occurred during 2021 Jan. 2 Issued 220,000 preferred shares at $25 per share. Feb. 8 5 Mar Apr 18 June 5 Sept Oct. Dec. 5 4 A 5 14 31 Issued 110,000 common shares in exchange for land. On this date, the fair value of the land was $231,000. The common shares have not recently traded, but the last time they traded, they sold for $25 per share Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 2 Issued 396,000 common shares at $3 per share. Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1 Declared the quarterly cash dividend of preferred shareholders of record on September 20, payable October 1 Issued 36.000 preferred shares at $25 per share Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1 Declared a cash dividend of $0.5 per share to the common shareholders of record on December 31. payable January 10 Net income for the year was $1.09 million