Noric Cruises Inc. began the month of October with the following balances: Common Stock, $150,000; Additional Paid-In Capital, $3,225,000; and Retained Earnings, $12,400,000. During June, Noric issued for cash 50,000 shares of common stock (with a stated value of $1) at $16 per share. Noric reported the following results for the month ended October 31:
Net income .................................................$2,350,000
Cash dividends declared ................................475,000
Prepare a statement of stockholders’ equity for the month ended October 31.