The following items were shown on the balance sheet of Chesher Corporation on December 31, 2010: Shareholders' Equity Contributed Capital Share Capital Common shares, no par value, unlimited number of shares authorized; shares issued $1,200,000 $3 preferred shares, no par value, redeemable at $120, cumulative, 20000 shares authorized, 5,000 shares issued Total contributed capital 120,000 1,320,000 Retained Earnings 500,000 Total shareholders' equity $1,820,000