The following accounts are taken from the general ledger of GRL Trading Ltd. on 31 December 20X1:

Required:
Prepare the shareholders’ equity section of the SFP at year-end. Assume accounts have normal (i.e., debit or credit) balances.
Explain the meaning of each account in equity.

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Preferred shares, no par value, $3, unlimited number authorized, cumulative, and fully participating: 27,000 shares issued and outstanding Bonds payable, 6% Stock subscriptions receivable, common shares Common shares, no par, unlimited number authorized; 45,000 shares issued and 44,900 outstanding Discount on bonds payable Retained earnings Treasury shares, 100 common shares Unrealized exchange gain on translation of foreign subsidiary's financial statements Fractional common share rights Contributed capital on common share retirement Common shares subscribed, 100 shares $ 84,000 250,000 1,500 675,000 3,000 326,500 4,300 75,250 4,600 9,450 4,500