The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. showed the following: Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2019Contributed capital: Preferred shares, $0.40 cumulative; 80,000 shares authorized; 50,000 shares issued and outstanding$200,000 Common shares; 250,000 shares authorized; 110,000 shares issued and outstanding 176,000 Total contributed capital$376,000 Retained earnings 148,000 Total equity$524,000 During the year 2020, the company had the following transactions affecting equity accounts: Jan.3 Sold 10,000 common shares for a total of $17,200 cash.Mar.1 Sold 5,000 preferred shares at $3.80 each; cash.June15 Exchanged 7,000 common shares for equipment with a fair market value of $21,000. The last common share trade was dated March 15 at $4.78.Dec.31 Closed the Income Summary account, which showed a credit balance of $270,000. The board of directors had not declared dividends for the past two years (2019 and 2020).

Prepare the equity section as at December 31, 2020.