Cullumber Corporation's charter authorized $2$ million $$12$ par value common shares, and $200,0008\%$ cumulative and nonparticipating preferred shares, with a par value of $$100$ per share. The corporation made the following share transactions through December $31,2023$:$270,000$ common shares were issued for $$3\mathrm{.}78$ million and $10,000$ preferred shares were issued for machinery valued at $$1,502,000.$ Subscriptions for $11,200$ common shares have been taken, and $35\%$ of the subscription price of $$18$ per share has been collected. The shares will be issued when the subscription price is collected in full. In addition, $9,000$ common shares have been repurchased for $$17$ and retired. The Retained Earnings balance is $$150,000$ before considering the transactions above.

$($a$)$

Prepare the shareholders' equity section of the SFP in good form.

CULLUMBER CORPORATION

Partial Statement of Financial Position

December $31,2023$

'eholders' Equity