Schuck and Jve Company (S&J) has the following information for 2018: (1) On January 1, 2018, S&Jhas 4,000 shares of preferred stock outstanding and 198,000 shares of $2 par value common stock outstanding. (2) S&J declared and paid a $100,000 cash dividend in March of 2018. The preferred stock is $100 par value, 5%, cumulative preferred stock. Dividends were not declared and paid on the preferred stock during 2016 and 2017 (3) Before considering the property dividend in item number 5 below, S&Js 2018 net income is $800,000. S&Jpays no income tax for 2018. (4) S&J hired the law firm of Dewey, Cheatum, and How to perform services during 2018. In payment for these legal services, S&Jissued 1,000 shares of $2 par value common stock in May of 2018. The fair value of the legal services is determined to be $200,000. (5) S&J declared and issued a property dividend in June of 2018. In particular, S&J distributed its investment in IM Broke stock to the common shareholders of S&J. At the date of declaration, S&J's book value for the IM broke stock was $90,000 and the fair value of the IM Broke stock was $10,000. (6) In November of 2018, S&J Employees exercised 1,000 stock options. Each option allows an employee to purchase 1 share of $2 par value common stock at the exercise price of $50 per share. These options were issued in 2013 at which time the fair value of each option was determined to be $10. The service period/vesting period for these stock options was two years] (7) In December of 2018, S&J declared and issued a 5% common stock dividend (payable to common shareholders only). The fair value of the stock on the declaration date was $250 a share. (Note: this stock dividend is after all other transactions previously presented) REQUIRED (1) Complete the statement of owners' equity on the sheet provided. Description Preferred Preferred Common Common APIC, Common APIC, Stock RetainedTotal Owners Shares Stock Shares Stock stock Balances 1/1 4,00 400,000 198,000 $396,000 $1,000,000 $200,000 $2,000,000 $3,996,000 Cash Dividends Net Income Stock issued for services Property dividend Stock Option Exercise Stock Dividend