Problem 11.2B Shareholders' equity section L.O. 4, 5, 6 Banner Publications was organized early in 2008 with authorization to issue 10,000 preference shares of $100 par value and 1 million ordinary shares of $1 par value. All the preference shares were issued at par, and 400,000 ordinary shares were sold for $15 per share. The preference shares pay a 10 percent noncumulative dividend. During the first five years of operations (2008 through 2012) the corporation earned a total of $4,100,000 and paid dividends of $.80 per share each year on the ordinary shares. In 2013, however, the corporation reported a loss of $1,100,000 and paid no dividends. a. Prepare the shareholders' equity section of the statement of financial position at 31 December 2013 Include a supporting schedule showing your computation of retained earnings at end of reporting period (Hint: Income increases retained earnings, whereas dividends and losses decrease retained earnings.) (Input all amounts as positive values. Omit the "S" sign in your response.) BANNER PUBLICATIONS Partial Statement of Financial Position December 31, 2013 Shareholders' equity