Cullumber Observation Inc. on May 1, 2024, and was authorized to issue 500,000 common shares and 100.0005%, non-participating. convertible preferred shares. During the remainder of 2024 , the company entered into the following transactions: 1. Issued 32,000 common shares in exchange for $704,000. 2. Issued 5,000 preferred shares in exchange for $60,000. 3. Repurchased 4,000 common slares for $23.00 per share in the open market. The company entered into no other transactions that affected shareholders' equity during 2024. Cullumber Observation Inc, generated $778,000 in net income in 2024 and did not declare any dividends that year. Prepare the shareholders' equity section of the statement of financial position as at December 31. 2024