On January 1, 2016, powder company provided the following shareholder equity section of its balance sheet:

Statement of Shareholders Equity On January 1, 2016, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital Preferred stock, $100 par $92,700 37,400 21,500 58,700 $210,300 183,000 $393,300 Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Retained earnings Total Shareholders' Equity During 2016, the following transactions and events occurred and were properly recorded: 1. Powder issued 2,000 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $140 per share. 3. Powder earned net income of $38,950 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2016. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for 2016. POWDER COMPANY Statement of Changes in Shareholders' Equity For Year Ended December 31, 2016