1 (30) The shareholders' equity accounts for Fair Box Corp. showed the following on December 31, 2021: Common shares - Authorized: 500,000 shares, Issued and outstanding: 12,000 shares $396,000 Preferred shares - $1, non-cumulative, Authorized: 400,000 shares, Issued and outstanding: 8,000 shares $80,000 Retained earnings - $220,000 Transactions during the year 2021: On March 14, Fair Box Corporation bought back and retired 2,500 of their common shares for $35 each. On June 1, Fair Box declared 20% share dividends to its common shareholders. Current market price, $32 per share. On June 15, shares dividends were distributed to shareholders. On August 15, Fair Box Corporation exchanged 12,000 common shares for equipment with a fair market value of $360,000, current market price $31 per share. On September 18, Fair Box Corporation declared a 5:1 stock split. On December 31, closed the credit balance of $225,000 in the Income Summary account. Required: Prepare the Equity section of the Balance Sheet at December 31, 2021. (No journal entries are required.) $ $