Early in 2017, Parker industries was formed with authorization to issue 450,000 shares of $8 par value common stock and 40,000 shares of $100 par value 9% cumulative preferred stock. Also authorized to issue 35,000 shares of $5 dividend per share cumulative preferred stock.

During 2017 all of the preferred stock were issued at $104 and 180,000 shares of common stock were sold for $18 per share, The company again needed the money and issued 17,000 shares of its no par value for $680,000.

During its first 4 years of business (2017-2019), the company earned income totaling $2,480,460 and paid a dividend of $3.25 per share on the common stock outstanding in 2020.

Prepare equity section on 31st December 2020.