Kaye Biotech Inc. had the following equity account balances at December 31, 2022: 

Preferred shares, $3.40, 

non-cumulative, Authorized: 23,800 shares Issued and outstanding: 6,900 shares $ 48,300 

Common shares, Authorized: Unlimited Issued and outstanding: 94,500 shares 319,849 

Retained earnings 48,200 

On February 1, 2023, 6,900 preferred shares were issued at $9.60 each. The board of directors declared and paid.