2-18 MARKS The shareholders' equity accounts for Johnson Corp. showed the following on December 31, 2019: Common shares - Authorized: unlimited, Issued and outstanding: 20,000 shares Preferred shares - Authorized: $1,400,000 shares, Retained earnings - $250,000 The company completed these transactions during 2020: Jan 10 Mar 31 Jun 30 Aug 1 Dec 31 Issued 5,500 preferred shares to pay an accounts payable of $22,000. Issued 10,500 common shares in exchange for a machine. Market values for each common share and the machine are $11 and $105,000 respectively. The directors declared $2.00 dividend per common share and also the required dividend on preferred shares. Dividends are payable on Jul 30 to the Jul 15 shareholders of record. Issued 40,000 common shares at $10 cash per share. The income summary account that has a credit balance of $320,000 was closed. Note: All dividends were paid as scheduled. Required: Prepare the Equity section of the Balance Sheet at December 31, 2020. (No journal entries are required)