Current Attempt in Progress Pearl Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2021, there were 12,500 common and 1,800 preferred shares issued with the following balances: Common Shares, $125,000; and Preferred Shares, $180,000. The statement of retained earnings showed retained earnings of $298,500 at December 31, 2021. The dividend on the preferred shares was two years in arrears. Prepare the shareholders' equity section of the balance sheet on December 31, 2021. PEARL LTD. Balance Sheet (Partial) eTextbook and Media $ $