On January 1, 2016, Powder Company provided the following shareholders' equity section of its balance sheet

Contributed Capital:
Preferred stock, $100 par	$ 92,800
Common stock, $5 par	37,400
Additional paid-in capital on preferred stock	21,500
Additional paid-in capital on common stock	58,700
Total contributed capital	$210,400
Retained earnings	185,700
Total Shareholders Equity	$396,100

During 2016, the following transactions and events occurred and were properly recorded:

Powder issued 1800 shares of common stock at $13 per share.

Powder issued 340 shares of preferred stock at $130 per share.

Powder earned net income of $ 38,950.

Powder paid a $7 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 Powders statement of shareholders equity (include retained earnings) for 2016.

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 Additional Paid-in Additional Paid-in Capital on Capital on Retained Preferred Common Stock $100 par Stock $5 par Preferred Stock Common Earnings Total Stock Balances, 1/1/16 Common stock issued Preferred stock issued Net income Cash dividend paid on preferred Cash dividend paid on common Balances, 12/31/16 92,800 $37,400 58,700$185.700 396,100 484,494