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Sunland Inc. was formed on July 1 , 2 0 2 0 . It was authorized to issue an unlimited number of common shares and

Sunland Inc. was formed on July 1,2020. It was authorized to issue an unlimited number of common shares and 100,000 cumulative and non-participating preferred shares carrying a $1.80 dividend. The company has a July 1 to June 30 fiscal year. The following information relates to the company's shareholders' equity account.
Common Shares
Before the 2022-2023 fiscal year, the company had 119,000 outstanding common shares issued as follows:
103,000 shares issued for cash on July 1,2020, at $32 per share.
5,000 shares exchanged on July 24,2020, for a plot of land that cost the seller $70,000 in 2010 and had an estimated fair value of $171,000 on July 24,2020.
11,000 shares issued on March 1,2021; the shares had been subscribed for $49 per share on October 31,2020.
Oct. 1,2022 Subscriptions were received for 11,000 shares at $54 per share. Cash of $108,000 was received in full payment for 2,000 shares and share certificates were issued. The remaining subscription for 9,000 shares was to be paid in full by September 30,2023, and the certificates would then be issued on that date.
Nov. 30,2022 The company purchased 2,800 of its own common shares on the open market at $41 per share. These shares were restored to the status of authorized but unissued shares.
Dec. 15,2022 The company declared a 5% stock dividend at the fair value of the shares for shareholders of record on January 15,2023, to be issued on January 31,2023. The company's common shares were selling at $52 per share on December 15,2022.
June 20,2023 The company sold 580 of its own common shares for $26,100.
Preferred Shares
The company issued 58,000 preferred shares at $43 per share on July 1,2020.
Cash Dividends
The company has followed a schedule of declaring cash dividends each year in December and June and making the payment to shareholders of record in the following month. The cash dividend declarations have been as follows since the company's first year and up until June 30,2023:
\table[[Declaration Date,Common Shares,Preferred Shares],[Dec.15,2021,$0.30 per share,$2.70 per share*],[June 6,2022,$0.30 per share,$0.90 per share],[Dec.15,2022,-,$0.90 per share]]V
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