The shareholders’ equity portion of the balance sheet of Sessel’s Department Stores, Inc., a large regional specialty retailer, is as follows: 

Disclosures elsewhere in Sessel’s annual report revealed the following changes in shareholders’ equity accounts for 2022, 2021, 2020 

2022: 

1. The only changes in retained earnings during 2022 were preferred dividends on preferred stock of $3,388,000 and net income. 

2. The preferred stock is convertible. During the year, 6,592 shares were issued. All shares were converted into 320,000 shares of common stock. No gain or loss was recorded on the conversion. 

3. Common shares were issued in a public offering and upon the exercise of stock options. On the statement of shareholders’ equity, Sessel’s reports these two items on a single line entitled: “Issuance of shares.” 

2021: 

1. Net income: $12,126,000. 

2. Issuance of common stock: 5,580,000 shares at $112,706,000. 

2020: 

1. Net income: $13,494,000. 

2. Issuance of common stock: 120,000 shares at $826,000. 

Required: 

From these disclosures, prepare comparative statements of shareholders’ equity for 2022, 2021, and 2020.

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SESSEL'S DEPARTMENT STORES, INC. Comparative Balance Sheets Shareholders' Equity Section ($ in thousands, except per share amounts) Dec. 31, 2022 Dec. 31, 2021 Shareholders' Equity Preferred stock-$1 par value; 20,000 total shares authorized, Series A-600 shares authorized, issued, and outstanding, $50 per share liquidation preference $ 57,700 2$ Series B-33 shares authorized, no shares outstanding Common stock-$0.10 par; 200,000 shares authorized, 19,940 and 18,580 shares issued and outstanding at Dec. 31, 2022, and Dec. 31, 2021, respectively Additional paid-in capital 1,994 1,858 227,992 201,430 Retained income 73,666 44,798 Total shareholders' equity $361,352 $248,086