Windmere Corporation's statement of financial position at December 31, 2020, appears as follows: Cash $62,000 Other current assets 1,101,000 Capital assets (net) 7,187,000 Total $8,350,000 Current liabilities $551,000 Long-term debt 1,410,000 Preferred shares 700,000 Share capital-common shares 2,100,000 3,589,000 Retained earnings Total $8,350,000 For the year just ended, Windmere reported net income of $501,000. During the year, the company declared preferred dividends of $11,746 and common dividends of $313,904.