The following accounts appear in the ledger of Bad Land Inc. after the books are closed at December 31, 2000. Common Shares, $1 par value, 100,000 shares authorized, 40,000 shares issued $8 Preferred Shares, no par value, 10,000 shares authorized, 1,000 shares issued Paid in Capital on Common Shares Retained Earnings $40,000 100,000 360,000 900,000 During 2001 the following occurred: 2000 of the above preferred Shares were issued for $200,000 Common Stock Dividends were declared but not paid Net Income 80,000 250,000 An appropriation from retained earnings was created for new equipment 300,000 Instructions Prepare the shareholders' equity section at December 31, 2001. Use all correct titles. (10 Marks) BadLand Inc Shareholder's Equity Section December 31, 2001