The following summaries for Creative-time Distributors Ltd. and Can-play Wholesalers Inc. provide the information needed to prepare the shareholders' equity section of each company's balance sheet. The two companies are independent. (Click the icon to view the shareholders' equity information.) Required For each company, prepare the shareholders' equity section of its balance sheet as of December 31, 2023. Show the computation of all amounts. Journal entries are not required. Begin with the shareholders' equity portion of the balance sheet for Creative-time Distributors Ltd. First, calculate the common shares value for Creative-time Distributors Ltd. Shareholders' equity information Creative-time Distributors Ltd. This company is authorized to issue 140,000 common shares. All the shares were issued at $4.75 per share. The company incurred a net loss of $79,000 in 2020 (its first year of operations) and a net loss of $33,000 in 2021. It earned net incomes of $47,000 in 2022 and $78,000 in 2023. The company declared no dividends during the four-year period. Can-play Wholesalers Inc. Can-play Wholesalers Inc.'s articles of incorporation authorize the company to issue 320,000 cumulative preferred shares and 1,000,000 common shares. Can-play Wholesalers Inc. issued 2,300 preferred shares at $12.75 per share. It issued 160,000 common shares for $480,000. The company's Retained Earnings balance at the beginning of 2023 was $83,000. Net income for 2023 was $62,000, and the company declared the specified preferred share dividend for 2023 . Preferred share dividends for 2022 were in arrears. The preferred dividend was $1.10 per share per year