White Pear Inc. showed the following equity information as at December 31, 2014:
Other information: a. The preferred shares had sold for an average price of $36.00. b. The common shares had sold for an average price of $14.20. c. Retained Earnings at December 31, 2013, was $192,000. During 2014, net income earned was $1,728,000. The board of directors declared a total cash dividend of $540,000.