Official Time: 20:48:00 Question 2 [5 points] X-cell Inc. showed the following equity information as at December 31, 2023. a. The preferred shares had sold for an average price of $14. b. The common shares had sold for an average price of $7. c. Retained Earnings at December 31, 2022, was $420,000. During 2023, net income earned was $300,000. The board of directors declared a total cash dividend of $110,000. Use this information to complete the equity section of the balance sheet. Contributed capital: X-cell Inc. Equity Section of the Balance Sheet December 31, 2023 Preferred shares, $1.50 non-cumulative; 400,000 shares authorized; shares issued and outstanding Common shares; unlimited shares authorized; 350,000 shares issued and outstanding... Total contributed capital_ Retained earnings. Total equity... 3,760,000