The following shareholders' equity accounts are reported by Cullumber Inc. on January 1: Common shares (unlimited authorized, 171,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 6,400 issued) Contributed surplus-reacquisition of common shares Retained earnings $2,736,000 480,000 32,800 1,274,000 The following selected transactions occurred during the year: Feb. 11 Mar. 2 June 14 25 July Sept. 16 Issued 57,000 common shares at $20 per share. Reacquired 20,900 common shares at $22 per share. Split the common shares 2 for 1 when the common shares were trading at $30 per share. Reacquired 520 preferred shares at $70 per share. Reacquired 57,000 common shares for $17 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share. Oct. 27 Dec. 13 Date Account Titles and Explanation Debit Credit Feb. 11 Cash 1,140,000 Common Shares 1,140,000 (Issued common shares for cash.) Mar. 2 Common Shares 355,300 Contributed Surplus - Reacquisition of Common Shares 32,800 Retained Earnings 71,700 Cash 459,800 (To record reacquisition of common shares.) July 25 Preferred Shares 39,000 Contributed Surplus - Reacquisition of Preferred Shares 2,600 Cash 36,400 (To record reacquisition of preferred shares.) Sept. 16 Common Shares 484,500 Retained Earnings 484,500 Cash 969,000 (To record reacquisition of common shares.) Oct. 27 Stock Dividends 339,340 Stock Dividends Distributable 339,340 (To record declaration of stock dividend.) Dec. 13 Stock Dividends Distributable 339,340 Common Shares 339,340 (To record distribution of stock dividend.) Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Cullumber Inc. Partial Balance Sheet Shareholders' equity $