Wholegrain Health Foods Inc. is authorized to issue 4,250,000 common shares. (Click the icon to view additional information.) Requirement Show the computation of Wholegrain's total shareholders' equity at December 31, 2020. Present a detailed computation of each element of shareholders' equity. First, calculate the balance of common shares account as a result of the share transactions. Start with the common shares only; we will calculate the balance of Retained Earnings in the next step. (Use parentheses or a minus sign for numbers to be subtracted.) Common shares Additional information Common shares Calculate the balance of retained earnings as a result of the transactions. (Use parentheses or a minus sign for numbers to be subtracted or for negative balances.) Retained earnings (deficit) In its initial public offering during 2016, Wholegrain issued 600,000 common shares for $6.50 per share. Over the next year, Wholegrain's share price increased and the company issued 420,000 more shares at an average price of $8.00. During the five years from 2016 through 2020, Wholegrain earned net income of $940,000 and declared and paid cash dividends of $110,000. A 5 percent stock dividend was distributed to the shareholders in 2020 on the shares outstanding. The market price was $10.00 per share when the stock dividend was distributed. At December 31, 2020, the company has total assets of $14,400,000 and total liabilities of $6,310,000. Retained earnings (deficit) Complete the table to calculate total shareholders' equity. (Enter the accounts in the proper order. Use parentheses or a minus sign when subtracting numbers.) Shareholders' Equity Total shareholders' equity Print Done