you preferred shares at $110 per share it issued 130,000 common shares for $519,000 The company's Retained Earnings balance at the beginning of 2020 was $77,000. Net income for 2020 was $83,000, and the company declared a $5 cash dividend on preferred shares for 2020 Requirement Prepare the shareholders' equity section of Marbury Sportswear Inc's balance sheet at December 31, 2020 Show the computation of all amounts Journal entries are not required. Now, prepare the shareholders' equity section of the balance sheet (Enter the accounts in the proper order for the shareholders' equity section of the balance sheet.) Marbury Sportswear Inc. Balance Sheet (partial) Shareholders equity: Total shareholders' equity December 31 201 ENG US Next CD 12:41 PM 2023-12-14 Marbury Sportswear's articles of incorporation authorize the company to issue 6,000 $5 preferred shares and 450,000 common shares Marbury issued 1,200 preferred shares at $110 per share. It issued 130,000 common shares for $519,000. The company's Retained Earnings balance at the beginning of 2020 was $77,000 Net income for 2020 was $83,000, and the company declared a $5 cash dividend on preferred shares for 2020 Requirement Prepare the shareholders' equity section of Marbury Sportswear Inc.'s balance sheet at December 31, 2020 Show the computation of all amounts Journal entries are not required. Show the computation of the Preferred Shares balance. Identify the formula on the first line and your calculations on the second line. X Preferred shares Next, show the computation of the retained earnings balance. Select the formula labels needed, and then enter the amounts to calculate ending retained earnings = End. Retained Earnings Now, prepare the shareholders' equity section of the balance sheet (Enter the accounts in the proper order for the shareholders' equity section of the balance sheet.)