How would we treat the following scenario? What are the entries?

Preferred shares On November 1, 2019, ASC issued 2,000 redeemable and retractable preferred shares at a value of $10 per share. The shares are redeemable by ASC at any time after January 2021. The shares are retractable for the original $10 per share at the discretion of the holder at any time up to January 2021, after which the retractable feature expires. The preferred shares require the payment of a mandatory $2 per share during the retraction period, after which the dividends become noncumulative and are paid at the discretion of the board only.