Covington Corporation reported the following statement of changes in equity accounts for the year ended December 31, 2018. COVINGTON CORPORATION Statement of Changes in Equity Year Ended December 31, 2018 Contributed Capital Accumulated Other Retained Comprehensive Contributed Surplus Earnings Total Common Shares Income $1,425,000 $475,000 $2,850,000 $95,000 $4,845,000 Bal, Jan. 1 418,000 Issued common shares 418,000 Declared and issued stock dividend 104,500 (104,500) (128,250) (128,250) Declared cash dividends Comprehensive income Net income 712,500 712,500 Other comprehensive income 23,750 23,750 Bal, Dec. 31 $1,947,500 $475,000 $3,329,750 $118,750 5,871,000 Covington had an unlimited number of common shares authorized and 550,000 shares issued at December: Prepare the shareholders' equity section of its statement of financial position at December 31, 2018. ( COVINGTON CORPORATION Statement of Financial Position (Partial) Please help and explain all your steps. Thank you