Samuells' Sportswear's articles of incorporation authorize the company to issue 5,000 \(\$ 5\) preferred shares and 500,000 common shares. Samuells' issued 1,000 preferred shares at \(\$ 100\) per share. It issued 100,000 common shares for \(\$ 427,000\). The company's Retained Earnings balance at the beginning of 2020 was \(\$ 61,000\). Net income for 2020 was \(\$ 80,000\), and the company declared a \(\$ 5\) cash dividend on preferred shares for 2020

{Requirement}

Prepare the shareholders' equity section of Samuells' Sportswear Inc.'s balance sheet at December 31, 2020. Show the computation of all amounts. Journal entries are not required.