True Green Nurseries Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2014, there were 15,000 common and 1,000 preferred shares issued with the following balances: Common Shares, $150,000; and Preferred Shares, $100,000. The statement of retained earnings showed retained earnings of $285,000 at December 31, 2014. The dividend on the preferred shares was two years in arrears. Prepare the shareholders' equity section of the balance sheet on December 31, 2014.