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Cullumber Inc. was formed on July $1,2020.$ It was authorized to issue an unlimited number of common shares and $100,000$ cumulative

and non$-$participating preferred shares carrying a $$1\mathrm{.}80$ dividend. The company has a July $1$ to June $30$ fiscal year. The following

information relates to the company's shareholders' equity account.

Common Shares

Before the $2022-2023$ fiscal year, the company had $125,000$ outstanding common shares issued as follows:

$109,000$ shares issued for cash on July $1,2020,$ at $$27$ per share.

$5,000$ shares exchanged on July $24,2020,$ for a plot of land that cost the seller $$70,000$ in $2010$ and had an estimated fair

value of $$269,000$ on July $24,2020.$

$11,000$ shares issued on March $1,2021$; the shares had been subscribed for $$55$ per share on October $31,2020.$

Oct. $1,2022$ Subscriptions were received for $11,000$ shares at $$60$ per share. Cash of $$120,000$ was received in full

payment for $2,000$ shares and share certificates were issued. The remaining subscription for $9,000$ shares was

to be paid in full by September $30,2023,$ and the certificates would then be issued on that date.

Nov. $30,2022$ The company purchased $3,400$ of its own common shares on the open market at $$36$ per share. These shares

were restored to the status of authorized but unissued shares.

Dec. $15,2022$ The company declared a $5\%$ stock dividend at the fair value of the shares for shareholders of record on

January $15,2023,$ to be issued on January $31,2023.$ The company's common shares were selling at $$47$ per

share on December $15,2022.$

June $20,2023$ The company sold $640$ of its own common shares for $$26,240.$

Preferred Shares

The company issued $64,000$ preferred shares at $$49$ per share on July $1,2020.$

Cash Dividends

The company has followed a schedule of declaring cash dividends each year in December and June and making the payment to

shareholders of record in the following month. The cash dividend declarations have been as follows since the company's first year and

up until June $30,2023$:

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