The shareholders' equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows: 2020 2019 Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 25,600 shares issued Share capital, 5,000,000 common shares authorized, 1,120,000 $204,800 $204,800 common shares issued (2019-900,000 shares) Retained earnings Total shareholders' equity 4,700,000 3,600,000 3,864,000 3,160,000 $8,768,800 $6,964,800 During 2020, Deer paid a total of $113,200 in cash dividends