Sarnia Hardware Ltd. reported the following shareholders' equity on December 31, 2019:

Contributed capital Preferred shares, $0.50 cumulative, convertible to common on a 2-for-1 basis, 50,000 shares authorized, 20,000 shares issued and outstanding $ 55,000 Common shares, unlimited number of shares authorized, 50,000 shares issued and outstanding 62,500 Total contributed capital 117,500 Retained earnings 110,000 Total shareholders' equity $227,500