number of common shares. On January $1,2024,$ the general ledger contained the following shareholders' equity accounts:

The following equity transactions occurred in $2024$:

Jan. $4$ Issued $32,400$ common shares for $$324,000.$

Apr. $15$ Issued $12,960$ preferred shares for $$1,036,800.$

$29$ Repurchased and retired $10,800$ common shares at $$7\mathrm{.}50$ per share. The balance in the Contributed Surplus account

arose from the repurchase of common shares in prior years.

May $17$ Declared a semi$-$annual cash dividend to the preferred shareholders of record at June $14,$ payable July $5.$

Aug. $13$ Issued $27,000$ common shares for $$189,000.$

Dec. $16$ The board of directors decided there were insufficient funds to declare the semi$-$annual dividend to the preferred

shareholders.

$31$ Net income for the vear was $$1\mathrm{.}049\mathrm{.}760$