On January 1, 2021, Sunland Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) $1,200,000 Retained earnings 1,400,000 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: Jan. 2 Issued 70,000 preferred shares for $40 per share. Apr. 1 July 1 Aug. 12 Oct. 1 Dec. 31 Dec. 31 Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 70,000 common shares for $1.00 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.10 per share dividend to the common shareholders. Loss for the year was $70,000.