Using the following accounts and May 31, 2015 balances, prepare the Shareholders' Equity section of the balance sheet for Able Corporation Ltd. as at May 31, 2015. There are 70,000 common shares authorized, and 63,000 shares are issued and outstanding; 10,000 preferred shares are authorized, and 6,000 shares are issued and outstanding.
Common shares ................................................ $4,725,000
Retained earnings .............................................. 2,032,800
$10.50 preferred shares ........................................ 600,000
Dividends declared and paid in 2015 ........................ 204,750
Total assets ...................................................... 12,500,000