On January 1, 2021, Espresso Ltd., a private company, had the following shareholders' equity accounts: Preferred shares. $10 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.90 million issued $2,900,000 4.000.000 Retained earnings The following selected transactions occurred during 2021: Jan. 2 Issued 220,000 preferred shares at $25 per share. . Issued 90,000 common shares in exchange for land. On this date, the fair value of the land was $183,000. The common shares have not recently traded, but the last time they traded, they sold for $2.5 per share. Feb. 8 Mar. 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20. payable April 2. Apr. 18 Issued 433,000 common shares at $3 per share. June 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20. payable July 1 Sept. 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20. payable October 1. Issued 43.000 preferred shares at $25 per share. Oct. 4 Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20. payable January 1 14 Declared a cash dividend of $0.5 per share to the common shareholders of record on December 31. payable January 10. 31 Net income for the year was $1.03 million. . Open Taccounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Retained Earnings Common Shares v Dividends Declared v