LARAMIE Corporation was organized on January 1, 2018. It is authorized to issue 18,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year. Jan. 1 Issued 74,000 common shares for cash at $3 per share. Mar. 1 Issued 11,900 preferred shares for cash at $53 per share. May 1 Issued 126,000 common shares for cash at $5 per share. Sept. 1 Issued 4,600 common shares for cash at $6 per share. Nov. 1 Issued 3,200 preferred shares for cash at $55 per share. Dec. 1 Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2019. Dec. 31 Reported net income of $151,000 for the year. Date Account Titles and Explanation Debit Credit Jan. 1 4 Cash 222,000 Common Shares 222,000 Mar. 14 Cash 630,700 Preferred Shares 630,700 May 1 Cash 630,000 Common Shares 630,000 Sept. 14 27,600 27,600 Common Shares 27,600 Cash Common Shares cash Preferred Shares Nov. 14 176,000 176000 176,000 176,000 Dec. 1 . Retained Earnings 45,300 Dividends Payable 45,300 Dec Dec 15 8 Income Summary Income Summary 151,000 Retained Earnings $151,000