Question 2 of 3 < > 1 2. 12.19/15 E The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited number of common shares. The founders of the corporation are issued 10,000 common shares for land valued by the board of directors at $200,000 (based on an independent valuation). 3. Sold 16,000 preferred shares for cash at $100 per share. 4. 5. 6. 7. Repurchased and cancelled 3,200 outstanding preferred shares for cash at $90 per share. Paid $80,000 in dividends that were declared in the previous period. Repurchased for cash and cancelled 400 of the outstanding common shares issued in item 2 above at $49 per share. Issued 2,100 preferred shares at $99 per share. (a)