On January 1, 2021, Sheridan Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) $1,600,000 Retained earnings 1,910,000 Jan. 2 1 The company was also authorized to issue an unlimited number of 4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity Issued 116,000 preferred shares for $40 per share. Apr. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 116,000 common shares for $2.40 per share. Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.15 per share dividend to the common shareholders. 31 Loss for the year was $116,000. July 1 Oct. 1 Dec On January 1, 2021, Sheridan Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) $1,600,000 Retained earnings 1,910,000 Jan. 2 1 The company was also authorized to issue an unlimited number of 4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity Issued 116,000 preferred shares for $40 per share. Apr. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 116,000 common shares for $2.40 per share. Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.15 per share dividend to the common shareholders. 31 Loss for the year was $116,000. July 1 Oct. 1 Dec Dec. 31 (To record dividends paid) > (To close Income Summary.) (To close dividends.)