Saskatoon Supermarket Ltd. can issue 50,000$3 cumulative preferred shares. The company's letters patent authorizes up to 500,000 common shares, and the corporation has 50,000 common shares outstanding with a book value of $226,000. Presently, no preferred shares are issued. The opening retained earnings equals $429,000. Jan. 1 Saskatoon Supermarket Ltd. Issued 5,200 common shares in exchange for land worth $65,000. (1 marks) Feb. 15 The board of directors delcared a 4% share dividend (market value $6.00// share) to shareholders of record on Mar. 1 (market value $4.75// share) to be distributed on Mar. 15 (market value $5.25// share). ( 3 marks) Mar. 15 Issued the share dividend. (1 mark) Apr. 15 Sold and issued 12,000$3 cumulative preferred shares for cash