Wildhorse's Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and 70,000 preferred shares with a $2 dividend of 2023 , the opening account balances indicated that 30,000 common shares had been issued for $5 per share, and no preferred shares had been issued. Opening retained earnings were $312,000. The transactions during the year were as follows: Jan. 15 Issued 11,000 common shares at $6 per share. Feb. 12 Issued 2,000 preferred shares at $56 per share. Sept. 2 Issued 5,000 common shares in exchange for land valued at $30,000. Oct. 31 Declared and paid a dividend on preferred shares of $2 per share. Nov. 1 Declared and paid a dividend on common shares of $1.40 per share. Nov. 15 Purchased and retired 300 preferred shares at $59 per share. Dec. 31 After preliminary closing entries, the Income Summary account had a credit balance of $247,000. WILDHORSE's DANCE STUDIOS Statement of Changes in Shareholder: \begin{tabular}{cccc} \hline & Number of Common Shares & Common Shares & Number of Preferred Shares \\ \hline Balance, January 1, 2023 & & \end{tabular} Shares issued for cash Shares issued for land Dividends, common shares Dividends, preferred shares Shares purchased and retired Net income Balance, December 31, 2023 WILDHORSE's DANCE STUDIOS LTD. Statement of Changes in Shareholders' Equity \begin{tabular}{c} Number of \\ Preferred \\ Shares \\ \hline \end{tabular} $ DHORSE'S DANCE STUDIOS LTD. nt of Changes in Shareholders' Equity $