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Shown below is the shareholders' equity section of Powell's balance sheet at December 31, 2009: Powell issued 2, 500 shares of $2 par ordinary share

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Shown below is the shareholders' equity section of Powell's balance sheet at December 31, 2009: Powell issued 2, 500 shares of $2 par ordinary share as payment for legal services. Although Powell's share is not traded on any exchange, the agreed-upon value of the legal services is $80,000. Powell issued 4, 500 shares of 6% noncumulative preference share, $100 par value, for $106 per share. The board of directors declared a dividend of $1.25 per share on the ordinary share. Powell's profit for 2007 was $675,000. Complete in good form the shareholders' equity section of a balance sheet prepared for Powell at December 31, 2010. Shareholders' equity: 6% noncumulative preference share, $100 par value, 10,000 shares authorized, 4, 500 shares issued ____ $ Total paid capital ____ total shareholders' equity ____$

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