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QUESTION 2 (25) The shareholders' equity accounts for Plastic Box Corp. showed the following on December 31, 2019: Common shares - Authorized: unlimited, issued and outstanding: 15,000 shares $450,000 Preferred shares - $1, non-cumulative, Authorized: 400,000 shares, Issued and outstanding: 5,000 shares $60,000 Retained earnings - $550,000 Transactions during the year 2020 On March 15, Plastic Box Corporation exchanged 10,000 common shares for equipment with a fair market value of $360,000, current market price $30 per share. On August 14, Plastic Box Corporation bought back and retired 2,000 of their common shares for $35 each. On September 18, Plastic Box Corporation declared a 2:1 stock split. On October 1, Plastic Box declared 10% share dividends to its common shareholders. Current market price, $12 per share On October 15, shares dividends were distributed to shareholders. On November 20, Plastic Box Corporation declared cash dividends to the preferred and common ($2 per share) Shareholders. On December 20, cash dividends are payable. On December 31, closed the credit balance of $286,000 in the Income Summary account. Required: Prepare the Equity section of the Balance Sheet at December 31, 2020. $ $ Cortana