The following is the shareholders' equity section of Blue Spruce Corp. at December 31, 2020: Preferred shares, authorized 120,000 shares; issued 38,000 shares $ 1,140,000 Common shares (unlimited authorized, 56,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity 1,400,000 107,000 2,647,000 2,107,800 $ 4,754,800 The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares