Steering Corporation, a publicly traded company, is authorized to issue 205,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (7,800 shares issued) $436,800 Common shares (67,200 shares issued) 1,008,000 Contributed surplus 25,700 Retained earnings 722,000 Accumulated other comprehensive income 10,200 The following equity transactions occurred in 2021: Feb. 6 Issued 9,100 preferred shares for $546,000. Apr. 6 27 May 29 Aug. 22 Dec. 14 31 Issued 19,200 common shares for $547,200. Repurchased and retired 2,700 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Issued 9,700 common shares in exchange for a building. At the time of the exchange, the building was valued at $175,600 and the common shares at $160,000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $592,000.