(Change in shareholders' equity) The shareholders' equity of Deer Ltd. at the end of 2016 and 2015 appeared as follows:

During 2016, Deer paid a total of $125,000 in cash dividends.

Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 25,000 shares issued Share capital, 5,000,000 common shares authorized, 1,200,000 common shares issued (20151,000,000 shares) Retained earnings Total shareholders' equity 2016 $ 200,000 5,000,000 3,920,000 $9,120,000 2015 $ 200,000 4,000,000 3,160,000 $7,360,000