Question 3 of 6 < > On January 1, 2021, Tri Town Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1.0 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.07 million issued Retained earnings The following selected transactions occurred during 2021: Jan. 2 Issued 200,000 preferred shares at $25 per share. $3,070,000 4,150,000 1.27/20 Feb. 8 Mar 5 Apr. 18 June 5 Sept. 5 4 Oct. Dec. 5 Issued 100,000 common shares in exchange for land. On this date, the fair value of the land was $209,000. The common shares have not recently traded, but the last time they traded, they sold for $2.5 per share. Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 2. Issued 410,000 common shares at $3 per share. Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Issued 43,000 preferred shares at $25 per share. Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1.