Current Attempt in Progress Pearl City Corporation, a pubicly traded company, is authorized to issue 213,000$4 noncurmulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledser contained the following shareholders' equity accounts: The following equity transactions occurred in 2021 : Feb. 6 Issued 9,200 preferred shares for $542,800 Apr 6 Issued 20,600 common shares for $587,100 27 Repurchased and retired 2.800 common shares at $17 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 9,800 common shares in exchange for a bulidinz At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000 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 $634,000