Coral Reef Inc. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.00 cumulative preferred shares. On December 31, 2021 there were 12,000 common and 7,000 preferred shares issued with the following balances: Common Shares, $120,000, and Preferred Shares, $175,000. The statement of retained earnings showed retained earnings of $221,000 at December 31, 2021 Required: Prepare the shareholders' equity section of the balance sheet on December 31, 2021