Flint Construction Ltd reported the following information related to its shareholders' equity on January 1, 2021, the first day of its fiscal year. $0.50-noncumulative preferred shares, unlimited number of shares authorized, 130,000 shares issued $1,430,000 Common shares, unlimited number of shares authorized. 1,430,000 shares issued Retained earnings During the year, the following transactions relating to shares occurred. 4,376,000 493,500 1 May 15, 2021, Issued 5,000 preferred shares with a fair value of $11.50 per share for cash 2 3 4. Purchased a Caterpillar bulldozer on June 5.2021 in exchange for a cash payment of $16,000 and issued 90,000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable. On June 30, 2021, issued 4.400 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $55,000. The preferred shares had an estimated fair value of $11.60 on June 30, 2021 November 30, 2021, declared and paid $65,000 of dividends to the preferred shareholders The following operating information was provided for the year Service revenue $820,000 Operating expenses 175.000 Miscellaneous expende 60,000 Office expense 140000