The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.0%, 80,000 shares at $1 par $ 80,000 Common stock, 303,000 shares at $1 par 303,000 Paid-in capital-excess of par, preferred 1,425,000 Paid-in capital-excess of par, common 2,475,000 Retained earnings 8,045,000 Treasury stock, at cost; 3,000 common shares (30,000) Total shareholders' equity $12,298,000 During 2021, several events and transactions affected the retained earnings of Consolidated Paper. 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2021. Net income for the year was $700,000. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at Decembe for the year was $700,000. (Negative amounts should be indicated by a minus sign.) CONSOLIDATED PAPER, INC. [Shareholders' Equity section] December 31, 2021 Paid-in capital: Preferred stock Common stock Paid-in capital - excess of par, preferred Paid-in capital - excess of par, common Retained earnings Treasury stock Total shareholders' equity 80,000 303,000 X 1,425,000 2,475,000 X 8,745,000 X (30,000) $ 12,998,000