I have problem calculating preferred share... I tried, several answers where is 40000 and they were all wrong... 120000*1*1/4 answers 120,000 or 30000 or 40000

Any suggestions... Thanks.

Question 1

On January 1, 2015, Conway Ltd., a private company, had the following shareholders? equity accounts:

Preferred shares, $5 noncumulative, unlimited number authorized, none issuedCommon shares, unlimited number authorized, 1.49 million issued$1,490,000Retained earnings1,899,000

The following selected transactions occurred during 2015:

Jan.2Issued 120,000 preferred shares at $100 per share.Feb.8Issued 50,900 common shares in exchange for land. On this date, the value of the land was $131,950. The common shares have not recently traded but the last time they traded, they sold for $2.50 per share.Mar.5Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1.

Question 1 On January 1, 2015, Conway Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $5 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 1.49 million issued Retained earnings $1,490,000 1,899,000 The following selected transactions occurred during 2015: Jan. Feb. Mar. Apr. June Sept. Dec. 2 Issued 120,000 preferred shares at $100 per share. 8 Issued 50,900 common shares in exchange for land. On this date, the value of the land was $131,950. The common shares have not recently traded but the last time they traded, they sold for $2.50 per share. 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1. 18 Issued 224,300 common shares at $3.10 per share. 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. 14 Declared a cash dividend of $0.57 per share to the common shareholders of record on December 29, payable January 10. 31 Profit for the year was $1.05 million. (a) Your answer is partially correct. Try again. Record the above transactions for 2015, including any required to close dividends and profit to Retained Earnings. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Transaction entries: Date Jan. 2 Account Titles and Explanation Cash Preferred Sha Debit Credit 12000000 12000000 Feb. 8 Land 131950 Common Shar Mar. 5 Cash Dividend 131950 40000 Dividends Pay Mar. 20 No Entry 40000 0 No Entry April 1 Dividends Pay 0 40000 Cash April 18 Cash 40000 695330 Common Shar June 5 Cash Dividend 695330 40000 Dividends Pay June 20 No Entry 40000 0 No Entry July 1 Dividends Pay 0 40000 Cash Sept. 5 Cash Dividend 40000 40000 Dividends Pay Sept. 20 No Entry 40000 0 No Entry Oct. 1 Dividends Pay 0 40000 cash Dec. 5 Cash Dividend 40000 40000 Dividends Pay Dec. 14 Cash Dividend 40000 1006164 Dividends Pay Dec. 20 No Entry 1006164 0 No Entry Dec. 29 No Entry 0 0 No Entry 0 Closing entries: Date Dec. 31 Account Titles and Explanation Income Summa Retained Earn (To record net income/(loss)) Debit Credit 1050000 1050000 Dec. 31 Retained Earn Cash Dividend (To close dividend) 160000 160000