PUKALANI Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year.

Jan.	1		Issued 77,000 common shares for cash at $3 per share.
Mar.	1		Issued 12,400 preferred shares for cash at $56 per share.
May	1		Issued 123,000 common shares for cash at $5 per share.
Sept.	1		Issued 4,500 common shares for cash at $6 per share.
Nov.	1		Issued 2,900 preferred shares for cash at $58 per share.
Dec.	1		Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2019.
Dec.	31		Reported net income of $126,000 for the year.