Current Attempt in Progress Teal Mountain Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2024, there were 34,300 common and 980 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1, 2024, was $281,260. During 2024 , the company had profit of $122,500 and declared a total of $73,500 of dividends, of which $55,125 was paid during the year. (a)