& Statement of Shareholders' Equity You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. On January 1, 2016, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: 92,800 Preferred stock, $100 par Common stock, $5 par 37,400 Additional paid-in capital on preferred stock 21,500 Additional paid-in capital on common stock 58,700 $210,400 Total contributed capital 185,700 Retained earnings $396,100 Total Shareholders' Equity During 2016, the following transactions and events occurred and were properly recorded: a. Powder issued 1,800 shares of common stock at $13 per share. b. Powder issued 340 shares of preferred stock at $130 per share. c. earned net income of 38,950. the common stock d. powder paid a $7 per share dividend on the preferred stock and a $1 per share dividend on outstanding at the end of 2016. Required: Prepare powder's statement of shareholders' equity de retained earnings) for 2016. POWDER COMPANY Statement of Changes in Shareholders' Equity For Year Ended December 31 2016 Additional Additional Common Paid-in Capital on Preferred Paid-in Retained Stock Capital on Total Earnings Stock $5 par Common Stock $100 par Balance 92,800 37,400 s 21,500 s 58,700 s 185,700 s 396,100 s s