The shareholders' equity section of Parker Electronics Ltd.'s balance sheet as at December 31, 2016, was as follows: Contributed capital Common shares, 1,000,000 shares authorized, 60,000 shares issued and outstanding Retained earnings During 2017, Parker completed the following transactions: Apr.15: Jul. 1: Issued 10,000 common shares for $480,000. $ 2,760,000 8,750,000 $11,510,000 Declared a 15% stock dividend. The market price of the shares on that date was $46.50. Nov. 13: Repurchased 25,000 common shares for $42.75 per share. Dec. 31: Parker's net income for the year ending December 31, 2017, was $895,000. Required: Prepare the shareholders' equity section of Parker's balance as at December 31, 2017, in good form. Show your calculations of the various account balances (T-accounts are highly recommended).