The following is the shareholders' equity section of Sheffield Corp. at December 31, 2020: Preferred shares, a authorized 130,000 shares; issued 31,000 shares Common shares (unlimited authorized, 68,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity $ 930,000 1,700,000 121,000 2,751,000 2,495,200 $ 5,246,200 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares.