Sheridan Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000 $3-cumulative preferred shares. At January 1, 2024, the balances in its share capital accounts were $45,600 in common shares representing 19,200 shares and $26,400 in preferred shares representing 1,000 shares. The company had a balance of $57,400 in contributed surplus from previous years' repurchases of common shares. The retained earnings balance on that date was $190,000 and accumulated other comprehensive income was $68,700. Profit for the year ended December 31, 2024, was $29,400 and other comprehensive income items for the year were $5,400. There were no dividends in arrears at January 1, 2024, and no dividends were declared during 2024. During 2024, Sheridan had the following share transactions: Mar. 1 June 30 Sept. 1 Issued 5,000 common shares for $5 each. Issued 800 preferred shares for $11 each. Issued 66,700 common shares in exchange for land valued at $287,477. Dec. 1 Reacquired 54,600 common shares for $4.80 each.