Question 4 (6 points) Understated Corporation is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $1.15 preferred shares. On December 31, 2021, there were 86,000 common and 6,000 preferred shares issued. The common shares had been issued at an average per share amount of $6.00; the preferred shares at $28. The balance in the retained earnings account on January 1, 2021 was $323,000. During 2021, the company had profit of $90,000 and declared a total of $60,000 of dividends, of which $55,000 was paid during the year. Required: Prepare the shareholders' equity section of the balance sheet on December 31, 2021