4: Shareholders' equity (6.5 marks; 15 minutes) The shareholders' equity of Fryman Company at January 1, 2023 included two accounts, Common Shares and Retained Earnings, for a total of $2,400,000. The company is authorized to issue 100,000 common shares, but it had issued 40,000 shares at an average price of $50 per share. During 2023, the company had the following transactions: March 10 Prechange For be bling for S1, 100,00. The seller agreed to receive 20,000 shares Dec. 15 Declared a cash dividend of 53 per common share, payable on January 15, 2024, to shareholders of record on December 31, 2023. Dec. 31 Determined that net earnings for the year 2023 amounted to $400,000. Required: Prepare, in good form, the sharcholders' equity section of Fryman's statement of financial position as at December 31, 2023. Show your detailed calculations