preferred shares, $2,89 non-cumulative, 10,000 shares authorized, issued and outstanding for $498,700
common shares, unlimited shares authorized, 120,000 shares issued and outstanding for $946,900
and retained earnings is 450,530
the only share transactions during 2011 were declaration and distribution of 24,000 common share dividend only july 1
explain what difference would it make if the share dividend had taken place on january 2.