Laurentian Mills Ltd. had the following shareholders equity at January 1, 2023. Preferred shares, 8%, $100 par value, 10,000 shares authorized, 4,000 shares issued $ 400,000 Common shares, $2 par value, 200,000 shares authorized, 80,000 shares issued 160,000 Common shares subscribed, 10,000 shares 20,000 Contributed surpluspreferred 20,000 Contributed surpluscommon 940,000 Retained earnings 780,000 2,320,000 Less: Common share subscriptions receivable 40,000 Total shareholders equity $2,280,000 The contributed surplus accounts arose from amounts received in excess of the par value of the shares when issued. During 2023, the following transactions occurred: Equipment was purchased in exchange for 100 common shares