The shareholders’ equity of Inspiration Management Corp. as of January 1, 2020, follows:

Contributed capital
Preferred shares, $3, noncumulative 20,000 shares authorized,
4,000 shares issued and outstanding ............................................................. $ 200,000
Common shares, unlimited shares authorized, 200,000 shares
issued and outstanding ..................................................................................... 2,000,000
Total contributed capital ................................................................................... 2,200,000
Retained earnings ................................................................................................. 626,900
Total shareholders’ equity .............................................................................. $2,826,900

Inspiration Management Corp. completed the following transactions during 2020:

Feb. 6 Declared the required annual cash dividend on preferred shares and a $0.20 per share cash dividend on the common shares.

26 Paid the cash dividend that was declared on February 6.

Jun. 4 Purchased 6,000 of its own common shares for $15.25 per share.

Jul. 5 Distributed a 2-for-1 stock split on the common shares.

The net loss for the year was $78,000.

Required

Prepare the shareholders’ equity section of the balance sheet of Inspiration Management Corp. as of December 31, 2020. Do not prepare journal entries for the above transactions.