Waterway Ltd. issues 8,700, $5 cumulative preferred shares at $68 each and 15,000 common shares at $30 each at the beginning of 2019. Each preferred share is convertible into two common shares. The appropriate preferred share dividend was declared and paid in 2019. During the years 2020 and 2021, the following transactions affected Waterway's shareholders' equity accounts:

2020

Jan. 10 Paid $11,000 of annual dividends to preferred shareholders

2021

Jan. 10 Paid annual dividend to preferred shareholders and a $4,400 dividend to common shareholders

Mar. 1 The preferred shares were converted into common shares