Shareholders' equity on january 1, 2018 was $2,225,900. shareholders' equity on december 31, 2018 was $2,379,300. treasury stock costing $71,000 was sold for $62,000 in 2018; the treasury stock was acquired during 2017. a property dividend was declared and distributed during 2018. the property's book value was $42,325 on the declaration date; the property's fair value was $54,485 on the declaration date and $57,500 on the distribution date. 10,000 shares of $20 par value preferred stock were purchased and retired during 2018. the shares were initially issued for $25 per share and were purchased for $29 per share. 5,000 shares of $5 par value common stock were issued as the result of a small stock dividend. the market value per share was $9 at the declaration date and $9.50 at the distribution date. cash dividends declared and paid during the year totaled $70,000.