Prepare the Shareholders' Equity Section from Transaction Data In 2010, the Following Events Occurred:
Farrell Corporation Issued 1,000

Prepare the shareholders' equity section from transaction data.
Shown below is the shareholders' equity section of Farrell Corporation's balance sheet at December 31, 2009:
$\begin{array}{c}\begin{array}{lll} \text {Shareholders' equity.}\\ \text {Ordinary Share, \$3 par value, 200,000 shares authorized, ?? share sissued}\\ \text { Share premium: ordinary}\\\\ \text {Total Issued and fully paid capital }\\ \text {Retained earning:}\\\\ \text {Total shareholders' equity} \end{array}\begin{array}{lll}\\\$ 300,000 \\450,000 \\\\\$750,000 \\650,000 \\\\\$ 1,400,000\end{array}\end{array}$

In 2010, the following events occurred:
Farrell Corporation issued 1,000 $3 par ordinary shares in exchange for land. Although several real estate appraisers disagree on the value of the land, Farrell 's share is currently selling on a share exchange for $32 per share.
Farrell Corporation issued 3,000 5% cumulative preference share, $100 par value, for $108 per share.
The board of directors declared a dividend of $1 per share on the ordinary share.
Farrell's profit for 2010 is $375,000.
Instructions: Complete in good form the shareholders' equity section of a balance sheet prepared for Farrell Corporation at December 31, 2010: