1. On July 1, 2019, the company issued 20,000 preferred shares for $10 per share to an investment bank. Each preferred share is convertible for a fixed number of common shares and has a mandatory 5% annual dividend that must be paid on December 31 of each fiscal year. These preferred shares must be redeemed by the company for cash if the market price of common shares exceeds $10 per share. Currently, the common shares are in trading range around $6 per share.

2. On September 15, 2019, the company entered into a forward contract with the Bank of Vancouver by locking the price of 600,000 kg of aluminum at $1.50/kg. Aluminum is used in the production of stereo equipment. As at December 31, the price of aluminum is trading on the Chicago Board of Trade at $1.25/kg. Question:

3. Prepare a report on your analyses of company's accounting issues. Add complimentary calculation if need be.