Pronghorn Construction Ltd. reported the following information related to its shareholders' equity on January 1,2024 , the first day c its fiscal year. During the year, the following transactions relating to shares occurred. 1. May 15, 2024, issued 3,920 preferred shares for cash of $11.50 per share. 2. Purchased a Caterpillar bulldozer on June 5, 2024, in exchange for a cash payment of $14,700, and issued 88,200 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable. 3. June 30,2024 , issued 4,312 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $53,900. The preferred shares had an estimated fair value of $11.60 per share on June 30, 2024. 4. November 30,2024 , declared and paid $54,200 of dividends to the preferred shareholders. 4. November 30,2024 , declared and paid $54,200 of dividends to the preferred shareholders. The following operating information was provided for the year: Pronghorn Construction Ltd. follows ASPE