(Modified from E18-23) On January 1, 2022, Atlantic Com. had the following account balances in its shareholders' equity accounts. Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital-excess of par, preferred 100,000 Paid-in capital-excess of par, common 500,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2022, Atlantic Com. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date. July 18: December 1: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Atlantic's balance sheet as of December 31, 2022. Assume net income is $500,000 for 2022.