Pina Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts: Preferred shares (10,000 shares issued) $500,000 Common shares (70,000 shares issued) 1.050.000 Retained earnings 737,000 The following equity transactions occurred during the year ended January 31, 2021 Feb 28 Issued 4,400 preferred shares for $255,200 Apr 12 Issued 180,000 common shares for $2.00 million May 25 Jan 1 Jan 31 Issued 4,400 common shares in exchange for land. At the time of the exchange, the land was valued at $66.000 Paid dividend of $2.50 per share to preferred shareholders A loss of $51,000 was incurred for the year Part 1 MacBook Pro