You Healthy living Health Foods Inc. is authorized to issue 4,250,000 common shares. Requirement Show the computation of Healthy Living's total shareholders' equity at December 31, 2020 . Present a detailed computation of each element of shareholders' equity. In its initial public offering during 2016 , Healthy Living issued 475,000 common shares for $6.50 per share. Over the next year, Healthy Living share price increased and the company issued 425,000 more shares at an average price of $9.50 During the five years from 2016 through 2020 , Healthy Living earned net income of $1,250,000 and declared and paid cash dividends of $180,000 . A 9 percent stock dividend was distributed to the shareholders in 2020 on the shares outstanding. The market price was $13.00 per share when the stock dividend was distributed. At December 31, 2020, the company has total assets of $14,800,000 and total liabilities of $6,605,000 .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 Common shares Part 2Calculate 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) Retained earnings (deficit) Part 3Complete 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.