3. Company African partners inc was formed in year 2019.It started with an authorization to issue 1.500 shares of 100 par value preferred stock and 100.000 shares of common stock of 1 par value. 200 Shares of preferred stock were issued at par, and 50.000 shares of common stock were sold at 16 per share. The preferred stock pays a 10% cumulative dividend. During the first year of operations the company earned 825.000 and paid no dividends. In the second year the company earned 1.250.000 and declared dividends of 75 cents per share of common stock. Prepare shareholders' Equity section of the Balance Sheet at December 31, 2020. Explain all the steps in your answer and show all workings. (36 points)