Prepare an equity section. (LO7) E11-21 Perrin Company reported the following balances at December 31, 2013: share capital-ordinary $400,000; share premium-ordinary $220,000; and retained earnings $250,000. During 2014 , the following transactions affected equity. 1. Issued preference shares with a par value of $125,000 for $165,000. 2. Purchased treasury shares (ordinary) for $40,000. 3. Earned net income of $140,000. 4. Declared and paid cash dividends of $48,000. Instructions Prepare the equity section of Perrin Company's December 31, 2014, statement of financial position