The shareholders' equity of Inspiration Management Corp. as of December 31, 2016, follows: Preferred shares, $3, noncumulative

Question:

The shareholders' equity of Inspiration Management Corp. as of December 31, 2016, follows:
Preferred shares, $3, noncumulative 20,000 shares authorized, 4,000
shares issued .......................................................................... $ 200,000
Common shares, unlimited shares authorized, 200,000 shares issued ....... 2,000,000
Total contributed capital ........................................................... 2,200,000
Retained earnings .................................................................. 626,900
Total shareholders' equity ....................................................... $2,826,900
Inspiration Management Corp. completed the following transactions during 2017:
Feb. 6 Declared the required annual cash on preferred shares and a $0.20 per share cash on the common shares.
26 Paid the cash that was declared on February 6.
Jun. 4 Purchased 6,000 of its own common shares for $15.25 per share.
Jul. 5 Distributed a 2-for-1 stock split on the common shares. The net loss for the year was 78,000.
Required
Prepare the shareholders' equity section of the of Inspiration Management Corp. as of December 31, 2017. Do not prepare journal entries for the above transactions.
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