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 Share Capital Preferred Shares $ 900000 Common Shares $ ._ 3492000 I: a Common Shares Subscribe ._ -121200 E 7. Total Common Shares issued and to be issued v 3370800 B 7. 5629200 III .. 1267400 III .. 6896600. III .. 174000. Total Share Capital Contributed Surplus Total Paidin Capital Retained Earnings KIKKIIKKIKIIIKKK E Total Paid-in Capital and Retained Earnings v 7070600 -: Share Subscriptions Recei\\ 96960 I I E 7. Total Shareholders' Equity $ ., 6973640. Sheffield Corporation Partial Statement of Financial Position December 31, 2020 Shareholders' Equity Share Capital X Preferred Shares 900000 X Common Shares 3492000 to X Common Shares Subsc -121200 x Total Common Shares issued and to be issued v 3370800 X Total Share Capital 5629200 X Retained Earnings 174000 x Total Paid-in Capital and Retained Earnings 5803200 Less v Share Subscriptions Receiv 96960 X Total Shareholders' Equity 5706240