The Oriole Corporation was incorporated on January 2, 2023, with two dasses of share capital: an unlimited number of common shares and $4 cumulative non voting preferred shares with an authorized ilmit of 100.000. During the first year of operations, the following tramactions occurred: 1. The company aswed 11,000 preferred shures for a total of $154,000 cash and 22,000 common shares for $24 per share. 2. It issued 5.800 common shares in exchange for a parcel of land with an estimated fair market value of $154,000. The company recorded sales of $1.250,000 and operating expense of $1.017,000 during the year, No dividends were deciared doring the firnt year of operation. During the second year of operation (2024), the following transaction occurred: 3. In December, the compary's board of directors declared cash dividends sufficient to pay a dividend of 56 on each common share The dividends were payable on January 15,2025, (Hint: remenber that no dividends can be paid on the common. shares untir 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 $1,507,000 and operating expense of $1:319.000. occount tibles are cutomaticoly indented when the amount is entered. Do not indent many lanuary 14