Scar Corporation obtained a charter from the province of Nova Scotia authorizing 500,000 common shares and 20,000 preferred shares. Listed below are selected accounts from the general ledger of the Scar Corporation. Assuming all accounts have normal balances, prepare the shareholders' equity section of the balance sheet for the Scar Corporation as of December 31, 2020.

Common shares $ 50,000

Cash 40,000

Preferred shares 100,000

Accounts receivable 35,000

Land 50,000

Equipment 75,000 Retained earnings 45,000