P10-77A. (Learning Objectives 2, 4: Preparing the shareholders' equity section of the Balance Sheet) Garry Corp. has the following shareholders' equity information: Garry's constitution authorizes the company to issue 8,000 shares of 5% preference shares with par value of $140 and 600,000 shares of no-par ordinary share. The company issued 1,600 shares of the preference share at $140 per share. It issued 120,000 shares of the ordinary share for a total of $540,000. The company's retained earnings balance at the beginning of 20X6 was $75,000, and net income for the year was $94,000. During 20X6, Garry declared the specified dividend on preference shares and a $0.40 per-share dividend on ordinary shares. Preference dividends for 20X5 were in arrears. Requirement 1. Prepare the shareholders' equity section of Garry Corp.'s Balance Sheet at December 31 , 20X6. Show the computation of all amounts. Journal entries are not required