United Corporation showed the following equity information as at December 31, 2014 a The preferred shares had sold for an average price of $7 b. The common shares had sold for an average price of $4. C. Retained Earnings at December 31, 2013, was $140,000 During 2014, net income earned was $250,000 The board of directors declared a total cash dividend of $110,000 Use this information to complete the equity section of the balance sheet United Corporation Equity Section of the Balance Sheet December 31, 2014 Contributed capital Preferred shares, $250 non-cumulative 250,000 shares authorized: 160.000 shares issued and outstanding Common shares unlimited Shares authonzed shares issued and outstanding Total contnbuted capital Retained earnings Total equity 2,900,000