Skysong Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2024, there were 40.600 common and 1.160 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1, 2024, was $332,920. During 2024, the company had profit of $145,000 and declared a total of $87,000 of dividends, of which $65,250 was paid during the year..