Kingbird Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2017, there were 32,000 common and 1,100 preferred shares issued. The common shares had been issued at an average per share amount of $10: the preferred shares at $105. The balance in the Retained Earnings account on Januaryr 1, 2017, was $288,000. During 2017, the companyr had profit of $116,000 and declared a total of $65,000 of dividends, of which $49,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 201?. KINGBIRD LIMITED Balanoe Sheet (Partial)