balance at the beginning of $2020$ was $$77,000.$ Net income for $2020$ was $$83,000,$ and the company declared a $$5$ cash dividend on preferred shares for $2020.$

Requirement

Prepare the shareholders' equity section of Marbury Sportswear Inc.$\text{'}$s balance sheet at December $31,2020.$ Show the computation of all amounts. Journal entries are not required.

Show the computation of the Preferred Shares balance. Identify the formula on the first line and your calculations on the second line.

$x,=$ Preferred shares

$xL,=|$

Next, show the computation of the retained earnings balance. Select the formula labels needed, and then enter the amounts to calculate ending retained earnings.

Now, prepare the shareholders' equity section of the balance sheet. $($Enter the accounts in the proper order for the shareholders' equity section of the balance sheet.$)$

$\backslash$table$[[$Marbury Sportswear Inc.$],[$Balance Sheet $($partial$)],[$December $31,2020],[$Shareholders$\text{'}$ equity:$],[],[]]$