Mar. 31, 2021 Cash Dividends - Preferrec 730000 x X Cash Dividends - Comn 350000 Dividends Payable 380000 Apr. Dividends Payable 730000 Cash 730000 July 10 Preferred Shares 412500 Common Shares 412500 X Feb. 20, 2022 TT Dividends Payable 640000 X Cash Dividends - Prefer 287500 X X Cash Dividends - Comn 352500 Mar. 5 Dividends Payable 340000 Cash 340000 X July 15 Preferred Shares 1060000 Common Shares 10600001 Splish Brothers Merchandising Inc. had the following share capital and balances on January 1, 2021. $2.50 cumulative preferred shares, convertible into common shares at a ratio of 4 common shares for 1 preferred share, $2,310,000 unlimited number of shares authorized, 140,000 shares issued Common shares, unlimited number of shares authorized, 600,000 shares issued 2,100,000 The following transactions relating to shares occurred in 2021 and 2022. Mar 31, 2021 Splish Brothers declared total annual dividends of $730,000 for shareholders of record on April 1, 2021. There were no dividend arrears at January 1, 2021. April 30, 2021 Splish Brothers paid the dividends owing. July 10, 2021 Shareholders converted 25,000 preferred shares into common shares. The fair value per preferred share was $17.80; per common share, $4.80. Feb. 20, 2022 Splish Brothers declared an annual dividend of $640,000 to shareholders of record on March 1, 2022. Mar. 5, 2022 Splish Brothers paid $340,000 of the dividends owing. July 15, 2022 Shareholders converted 50,000 preferred shares into 200,000 common shares. The fair value per preferred share was $16.80; per common share, $5.30