Question 4 [5 points) Southgate Inc showed the following equity information as at December 31, 2014 a. The preferred shares had sold for an average price of $16 b. The common shares had sold for an average price of $8 cRetained Earnings at December 31, 2013, was $290,000 During 2014, 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 Southgate inc Equity Section of the Balance Sheet December 31, 2014 Contributed capital Preferred shares. $250 non-cumulative: 500.000 shares authorized 205,000 shares issued and outstanding Common shares, unlimited shares authorized shares issued and outstanding Total contributed capital Retained earings Total equity 4,680,000