QUESTION 2 (25) The shareholders' equity accounts for Plastic Box Corp. showed the following on December 31, 2019 Common shares Authorized: unlimited, issued and outstanding: 15,000 shares $450,000 Preferred sbares - $1, non-cumulative, Authorized: 400,000 shares, Issued and outstanding: 5,000 shares $60.000 Retained earnings - $600,000 Transactions during the year 2020 On April 15. Plastic Box Corporation exchanged 10,000 common shares for equipment with a fair market value of $360,000, current market price $30 per share. On February 18, Plastic Box Corporation declared a 3:1 stock split On April 14, Plastic Box Corporation bought back and retired 2,000 of their common shares for $12 each. On June 1, Plastic Box declared 5% share dividends to its common shareholders. Current market price, $11 On July 1, shares dividends were distributed to shareholders. On November 20, Plastic Box Corporation declared cash dividends to the preferred and common (S1 per share) shareholders. On December 20, cash dividends are payable On December 31, closed the credit balance of $275,000 in the Income Summary account per share. Required: Prepare the Equity section of the Balance Sheet at December 31, 2020. Note: No journal entries are required