The balance sheet of Consolidated Paper, Inc., included the following shareholders equity accounts at December 31, 2020:

Paid-in capital: Preferred stock, 8.5%, 100,000 shares at $1 par $ 100,000

Common stock, 505,000 shares at $1 par 505,000

Paid-in capitalexcess of par, preferred 1,615,000

Paid-in capitalexcess of par, common 2,665,000

Retained earnings 9,945,000

Treasury stock, at cost; 5,000 common shares (50,000 )

Total shareholders' equity $ 14,780,000

During 2021, several events and transactions affected the retained earnings of Consolidated Paper.

Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2021. Net income for the year was $900,000.