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Duffy Dog Corporation, a publicly traded company, is authorized to issue 190,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,800 shares issued) $421,200 Common shares (77,000 shares issued) 1,078,000 Contributed surplus 23.100 Retained earnings 864,000 Accumulated other comprehensive income 10,100 The following equity transactions occurred in 2018: Feb. 6 Issued 10,200 preferred shares for $622,200. Apr. 6 Issued 22,000 common shares for $605,000. 27 Reacquired and retired 2,700 common shares at $16 per share. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 8,400 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,700 and the common shares at $149,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $570,000. Peu. LASI 022 200 Preferred Shares 622200 Apr. 6 Cash 605000 Common Shares 605000 Apr. 27 Common Shares 74250 Contributed Surplus 31050 Cash 43200 May 29 Dividends Declared 36000 Dividends Payable 36000 June 12 No Entry No Entry July 1 Dividends Payable 36000 Cash 36000 Aug. 22 Buildings 164700 Common Shares 164700 Dec. 14 No Entry