(Answered) : On January 1, 2017, Conway Ltd. had the following shareholders’ equity accounts: Common shares, unlimited number of shares au

On January 1, 2017, Conway Ltd. had the following shareholders’ equity accounts:

Common shares, unlimited number of shares authorized, 1.5 million issued – $1,650,000

Retained earnings- 550,000

It was also authorized to issue an unlimited number of $6 noncumulative preferred shares. During 2017, the corporation had the following transactions and events related to its shareholders’ equity:

Jan 2 Issued 100,000 preferred shares at $66 per share

March 31 Paid quarterly dividend to preferred shareholders

April 18 Issued 250,000 common shares at $1.30 each

June 30 Paid quarterly dividend to preferred shareholders

Sept 30 Paid quarterly dividend to preferred shareholders

Dec 31 Paid quarterly dividend to preferred shareholders

Dec 31 Profit