Statement of shareholders' equity on january 1, 2016, powder company provided the following shareholders' equity section of its balance sheet: contributed capital: preferred stock, $100 par $ 92,800 common stock, $5 par 37,400 additional paid-in capital on preferred stock 21,500 additional paid-in capital on common stock 58,700 total contributed capital $210,400 retained earnings 185,700 total shareholders' equity $396,100 during 2016, the following transactions and events occurred and were properly recorded: powder issued 1,800 shares of common stock at $13 per share. powder issued 340 shares of preferred stock at $130 per share. powder earned net income of $ 38,950. powder paid a $7 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2016. required: prepare powder’s statement of shareholders’ equity (include retained earnings) for 2016.