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Metlock Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $$5$ cumulative preferred shares. On December $31,2024,$ there were $38,500$ common and $1,100$ preferred shares issued. The common shares had been issued at an average per share amount of $$10$; the preferred shares at $$105.$ The balance in the Retained Earnings account on January $1,2024,$ was $$315,700.$ During $2024,$ the company had profit of $$137,500$ and declared a total of $$82,500$ of dividends, of which $$61,875$ was paid during the year.

$($a$)$

Prepare the shareholders' equity section of the balance sheet on December $31,2024.$

METLOCK LIMITED

Balance Sheet $($Partial$)$

December $31,2024$

Common Shares

$

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