Progress Martinez 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 (76,000 shares issued) 1,216,000 Retained earnings 688,000 The following equity transactions occurred during the year ended January 31, 2021: Feb 28 Issued 4,400 preferred shares for $242,000. Issued 220,000 common shares for $3.74 million. Apr. 12 May 25 Issued 4.400 common shares in exchange for land. At the time of the exchange, the land was valued at $70,400.