The Cullumber Corporation was incorporated on January 2. 2023, with two classes of share capital: an unlimited number of common shares and $4 cumulative non-voting preferred shares with an authorized limit of 100,000 . During the first year of operations, the following transactions occurred: 1. The company issued 8,000 preferred shares for a total of $128,000 cash and 16,000 common shares for $26 per share. 2. It issued 5,500 common shares in exchange for a parcel of land with an estimated fair market value of $128,000. The company recorded sales of $1,252,000 and operating expense of $1,004,000 during the year. No dividends were declared during the first year of operation. During the second year of operation (2024), the following transaction occurred: 3. In December, the company's board of directors declared cash dividends sufficient to pay a dividend of $4 on each common share. The dividends were payable on January 15, 2025. (Hint: remember that no dividends can be paid on the common shares until the dividends in arrears and the current dividends on the preferred shares are paid.) Throughout the second year of operation, the company recorded sales of $1,495,000 and operating expense of $1,328,000. No. Acceunt and Euplanation Yeact. Debit L. 2. rear2. 3. [Tp record avdenas deciand on preferes shares) (To asio diveriti devienti) denev Le ava! Uie a spreadsheet or table focmat to trackass of the changes in the sharehoiders' equity accounts in 20Q4, in an amount ceducar the account balance then enter with ncgrtive sign, es. 15,000 or in parenthesis, eg. (15,0001)