Bonner Sportswear's articles of incorporation authorize the company to issue 11,000$9 preferred shares and 750,000 common shares. Bonner issued 2,200 preferred shares at $100 per share. It issued 100,000 common shares for $511,000. The company's Retained Earnings balance at the beginning of 2020 was $79,000. Net income for 2020 was $80,000, and the company declared a $9 cash dividend on preferred shares for 2020. Requirement Prepare the shareholders' equity section of Bonner Sportswear Inc.'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. \begin{tabular}{cl} x & = Preferred shares \\ x & =1 \end{tabular} Next, show the computation of the retained earnings balance. Select the formula labels needed, and then enter the amounts to calculate ending retained earnings. \begin{tabular}{|c|c|c|} \hline+ & - & = End. Retained Earnings \\ \hline+ & - & = \\ \hline \end{tabular} 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.) Bonner Sportswear's articles of incorporation authorize the company to issue 11,000$9 preferred shares and 750,000 common shares. Bonner issued 2,200 preferred shares at $100 per share. It issued 100,000 common shares for $511,000. The company's Retained Earnings balance at the beginning of 2020 was $79,000. Net income for 2020 was $80,000, and the company declared a $9 cash dividend on preferred shares for 2020. Requirement Prepare the shareholders' equity section of Bonner Sportswear Inc.'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. \begin{tabular}{cl} x & = Preferred shares \\ x & =1 \end{tabular} Next, show the computation of the retained earnings balance. Select the formula labels needed, and then enter the amounts to calculate ending retained earnings. \begin{tabular}{|c|c|c|} \hline+ & - & = End. Retained Earnings \\ \hline+ & - & = \\ \hline \end{tabular} 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.)