Miklon Corp., a publicly traded company, had the following shareholders' equity accounts on January 1, 2022: Preferred shares, 20,000 shares outstanding, 5% cumulative dividend Common shares, 250,000 shares outstanding Retained earnings $1,000,000 $6,250,000 $850,000 The holdings in the preferred shares have not changed for the last five years. The last dividend declaration was at the end of 2020. Several transactions affecting shareholders' equity took place during the fiscal year ended December 31, 2022, and are summarized as follows: Jan 15 Repurchased 20,000 common shares for $23/share for cancellation. Sep 1 Purchased a building by issuing 70,000 common shares at $30/share. Nov 1 Declared $ 280,000 total dividends to both classes of shareholders. Preferred dividends and a 2% common stock dividend were distributed on November 30th Dec 30 The board of directors declared 2 for 1 stock split on common shares effective on this date. The common shares were traded at $32 per share on this day. Dec 31 Net income for the year was $430,000.