-5C Mostly cloudy On January 1, 2024, Covington Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.30 million issued Retained earnings The following selected transactions occurred during 2024: Jan. 5 Issued 220,000 preferred shares at $25 per share. $3,300,000 3,630,000 Feb. 11 Issued 110,000 common shares in exchange for a building. On this date, the fair value of the building was $231,000. The common shares have not recently traded, but the last time they traded, they sold for $2.50 per share. Mar. 9 Apr. 28 Declared the quarterly cash dividend to preferred shareholders of record on March 25, payable April 15. Issued 396,000 common shares at $3 per share. June 15 Declared the quarterly cash dividend to preferred shareholders of record on June 30, payable July 15. Sent Declared the quarterly cash dividend to preferred shareholders of record on September 15 navable October 11 ENG Q Search US cloudy O Jan. 5 Issued 220,000 preferred shares at $25 per share. Feb. 11 Mar. 9 Apr. 28 Issued 110,000 common shares in exchange for a building. On this date, the fair value of the building was $231,000. The common shares have not recently traded, but the last time they traded, they sold for $2.50 per share. Declared the quarterly cash dividend to preferred shareholders of record on March 25, payable April 15. Issued 396,000 common shares at $3 per share. June 15 Sept. 5 Oct. 13 Declared the quarterly cash dividend to preferred shareholders of record on June 30, payable July 15. Declared the quarterly cash dividend to preferred shareholders of record on September 15, payable October 11. Issued 36,000 preferred shares at $25 per share. Dec. 6 18 Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 10. Declared a cash dividend of $0.50 per share to the common shareholders of record on December 31, payable January 10. 32 31 Net income for the year was $1.09 million. Q Search hp ENG US Jan. 5 Cash Preferred Shares Feb. 11 Buildings Common Shares Mar. 9 Dividends Declared Dividends Payable Apr. 15 Dividends Payable Stock Dividends Distributable 5500000 231000 852500 852500 5500000 231000 852500 852500 ENG udy Apr. 28 Cash Common Shares June 15 Dividends Declared Dividends Payable Julv 15 Dividends Payable Stock Dividends Distributable Sept. 5 Dividends Declared Dividends Payable Oct. 11 Dividends Payable Q Search hp 1188000 951500 951500 951500 951500 1188000 951500 951500 951500 ENG US cloudy Oct. 11 Dividends Payable Stock Dividends Distributable Oct. 13 Cash Common Shares Dec. 6 Dividends Declared Dividends Payable Dec. 18 Dividends Declared Dividends Payable Dec. 31 Retained Earnings Q Search hp 951500 900000 960500 1921000 951500 900000 960500 1921000 ENG US Dec. 31 Retained Earnings 13 Dividends Declared Q Search cloudy hp ENG US