Perfect Ponds Inc. (PPI) is a backyard pond design and installation company. PPI was incorporated during 2020, with an unlimited number of common shares, and 43,000 preferred shares with a $3 dividend rate authorized. PPI follows ASPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 Jan. 15 Feb. 20 Mar. 20 3 May 10 Sept. 23 Nov. 28 The articles of incorporation were filed and state that an unlimited number of common shares and 43,000 preferred shares are authorized. 25,800 common shares were sold by subscription to 3 individuals, who each purchased 8,600 shares for $43 per share. The terms require 9% of the balance to be paid in cash immediately. The balance was to be paid by December 31, 2021, at which time the shares will be issued. 60,200 common shares were sold by subscription to 7 individuals, who each purchased 8,600 shares for $43 per share. The terms require that 9% of the balance be paid in cash immediately, with the balance to be paid by December 31, 2020. Shares are to be issued once the full payment is received. 43,000 common shares were sold by an underwriter for $45 per share. The underwriter charged PPI a 4% commission on the sale. PPI paid $1,720 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $12,900. PPI issued a combination of 1,720 common and 860 preferred shares to a new shareholder for a total price of $172,000. PPI was unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. PPI wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 430 common shares for $45, to be paid by December 31, 2021. The employee accepted the offer and signed a note payable to PPI in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Nov. 28 Dec. 32 31 Dec. 31 PPI wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 430 common shares for $45, to be paid by December 31, 2021. The employee accepted the offer and signed a note payable to PPI in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. PPI declared a dividend of $172,000 for 2020. Net income for the year was $688,000. Date Account Titles and Explanation Jan. 1 No Entry No Entry Jan. 15 Cash Feb. 20 Mar. 3 Debit 0 Credit 0 Mar. 3 May 10 Sept. 23 Nov. 28 Dec. 31 (To record collection of subscriptions receivable) Dec. 31 Dec. 31 (To record issuance of shares for fully paid subscriptions) Dec. 31 (To record forfeit of unpaid subscriptions receivable) (To record dividends declared to preferred shareholders) Dec. 31 (To record dividends declared to common shareholders) What was amount of the dividend per share declared on December 31? (Round answer to 2 decimal places, eg. 5.25) tA Dividend per share $ Prepare the shareholders' equity section of the SFP as of December 31, 2020. Perfect Ponds Inc. Shareholders' Equity S <