Below is the statement of shareholder's equity of HKU Ltd.:

The following transactions happen during 20X2:

(a) Issuance of ordinary shares - 800 shares @ $23 per share

(b) Repurchase 600 shares of preference share at $45 per share, out of share capital

(c) Issue 4 bonus ordinary shares for each 10 ordinary shares. The company has decided to capitalize 1/5 of its beginning balance of the retained profits for this bonus share issuance.

(d) Net income is $70,000 for the year.

Prepare the statement of shareholders? equity for year 20X2.

December 31, 20X1 Shareholders' equity Preference share capital (3,000 shares) $90,000 Ordinary share capital (6,000 shares) 120,000 Retained profits 350,000 Total shareholders equity 560,000