White Pear Inc., an organic soap manufacturer, showed the following equity information as at December 31, 2020 Contributed capitals White Pear Inc. Equity Section of the Balance Sheet December 31, 2020 Preferred shares, $3.60 non-cumulative: 100,000 shares authorized 84,000 shares issued and outstanding Common shares; unlimited shares authorized; 7 shares issued and outstanding Total contributed capital Retained earnings Total equity 7 2 $8,234,500 2 Other information: a. The preferred shares had sold for an average price of $45.00. b. The common shares had sold for an average price of $15.10. c. Retained Earnings at December 31, 2019, was $201,000. During 2020, profit earned was $1,818,000. The board of directors declared a total cash dividend of $585,000