The following is an excerpt from Peabody Ltd$.($PL$\text{'}$s$)$ year end balance sheet:

Peabody Ltd$..$

Shareholders' Equity

October $31,2020$

Preferred shares Series A: $4\%$ non$-$cumulative, $100,000$ shares authorized,

$12,000$ issued & outstanding $$12,000,000$

Common shares Unlimited authorized, $3,300,000$ issued & outstanding $54,780,000$

Retained Earnings $3,022,000$

Accumulated Other Comprehensive Income$/($Loss$)(479,000)$

Total Equity $$69,323,000$

During fiscal $2020,$ the following capital transactions took place:

$1.$December $4,2020$: PL issued $157,000$ common shares in exchange for technology. The shares were trading for $$22\mathrm{.}70$ on that day. As part of the transaction, PL paid an underwriting fee of $$44,000.$

$2.$August $10,2021$: PL created a new class of preferred shares, Series B$.$ The shares are cumulative, carry a $4\%$ dividend, and are mandatorily redeemable on August $9,2030.2,000$ shares were issued for $$10,000$ each. The corporate charter was amended to authorize $100,000$ shares.

August $12,2021$: Using a portion of the proceeds from the Series B Preferred shares issue, PL repurchased $400,000$ common shares in the market for $$20\mathrm{.}25$ each.

Required:

$1.$

Provide the journal entries to record the capital transactions that took place in fiscal $2021$

$2.$As of October $31,2021,$ PL reported comprehensive income of $$752,000,$ inclusive of $$10,000$ of OCI gains. Prepare a schedule showing the Earned Capital portion of PL$\text{'}$s Shareholders' Equity for fiscal $2021,$ in good form.

$3.$PL$\text{'}$s Series B preferred shares are cumulative, while its Series A preferred shares are non$-$cumulative. How does the cumulative feature differ from the non$-$cumulative?

$4.$Where on PL$\text{'}$s balance sheet would the Series B preferred shares be reported? Explain your answer.