Question 6 of 6 On January 1, 2021. Canarie 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. 3.08 million issued $3,080,000 Retained earnings 4.030.000 The following selected transactions occurred during 2021: 5/20 Jan.1 2 Issued 210,000 preferred shares at $25 per share Feb. 8 Mar. 5 Apr. 18 June 5 Issued 90,000 common shares in exchange for land. On this date, the fair value of the land was $183,000. 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 380,000 common shares at $3 per share. Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1.