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 31,2024, there were 36,400 common and 1,040 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 January 1,2024, was $298,480. During 2024, the company had profit of $130,000 and declared a total of $78,000 of dividends, of which $58,500 was paid during the year. (a) Prepare the shareholders' equity section of the balance sheet on December 31,2024