xercise 12-16 Share transactions, distribution of dividends, Lo1.2.3,4,5,6 equity, closing CHECK FIGURE: 2. Total equity $q44,400 The equity section of the December 31, 2016, balance sheet for Delicious Alternative Desserts Inc. showed the following: Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2016 Contributed capital: Preferred shares, $0.40 cumulative; 80,000 shares authorized; $240,000 60,000 shares issued and outstanding Common shares: 250,000 shares authorized; 192,000 120,000 shares issued and outstanding $432,000 Total contributed capital 148,000 Retained earnings $580,000 Total equity