Splash Brothers Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2024, there were 41,300 common and 1,180 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1, 2024, was $338,660. During 2024, the company had profit of $147,500 and declared a total of $88,500 of dividends, of which $66,375 was paid during the year.

Prepare the shareholders' equity section of the balance sheet on December 31, 2024.