Tamarisk 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 42,000 common and 1,200 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 $344,400. During 2024 , the company had profit of $150,000 and declared a total of $90,000 of dividends, of which $67,500 was paid during the year. (a) Prepare the shareholders' equity section of the balance sheet on December 31, 2024