Explain each of the following terms included in the equity section of the partial balance sheet above:

a. $0.50 cumulative

b. Total contributed capital

c. 20,000 shares authorized

d. 150,000 shares issued and outstanding

e. Retained earnings

f. Unlimited shares authorized

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Reese Corporation Partial Balance Sheet December 31, 2020 Equity Contributed capital: Preferred shares, $0.50 cumulative; 20,000 shares authorized, issued, and outstanding. $ 200,000 Common shares, unlimited shares authorized; 150,000 shares issued and outstanding. Total contributed capital. Retained earnings. Total equity. 750,000 $ 950,000 890,000 $1,840,000