Waterway Ltd. is a private compary that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2024, there were 17,100 common and 1,140 preferred shares issued with the following balances: Common Shares, $171,000; and Preferred Shares, $114,000. The statement of retained ea pings showed retained earnings of $324,900 at December 31,2024 . The dividend on the preferred shares was two years in arrears. Prepare the shareholders' equity section of the balance sheet on December 31,2024