Sheffield Corporation's charter authorized 2 million shares of $12 par value common shares, and 300,000 shares of 8% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 310,000 common shares were issued for $4.34 million and 9,000 preferred shares were issued for machinery valued at $1,397,000. Subscriptions for 10,100 common shares have been taken, and 40% of the subscription price of $16 per share has been collected. The shares will be issued upon collection of the subscription price in full. In addition, 8,000 common shares have been repurchased for $15 and retired. The Retained Earnings balance is $190,000 before considering the transactions above.

Prepare the shareholders' equity section of the SFP in good form.

Sheffield Corporation Partial Statement of Financial Position Shareholders' Equity V Share Capital V Preferred Shares $ 900000 $ 3624000 Common Shares Subscribe 121200 Total Common Shares issued and to be issued V 3745200 Total Share Capital V 4645200 I: 7' Contributed Surplus '7 1115400 I3 a Total Paidin Capital V ., 5760600 In .' Retained Earnings ._ 190000 II! .1 Total Paid-in Capital and Retained Earnings V ._ 5950600 -: Share Subscriptions Recei\\ 96960 II! I I Total Shareholders' Equity $ 5853640 Sheffield Corporation Partial Statement of Financial Position December 31, 2020 Shareholders' Equity Share Capital V Preferred Shares 1397000 LA X Common Shares 3624000 V Common Shares Subsc 161600 x Total Common Shares issued and to be issued v 3785600 X Total Share Capital 5182600 x Retained Earnings 190000 X Total Paid-in Capital and Retained Earnings 5863600 Less v Share Subscriptions Receiv 96960 X Total Shareholders' Equity 5766640