Salish Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 31,000 shares authorized Common stock: $8 par value, 60,000 shares authorized During the year, the following transactions occurred in the order given:
a. Issued 25,000 shares of the common stock for $12 per share.
b. Issued 10,000 shares of the preferred stock for $16 per share.
c. Issued 5,000 shares of the common stock for $15 per share and 2,000 shares of the preferred stock for $26 per share.
d. Net income for the year was $106,000.

Required:
Prepare the stockholders’ equity section of the balance sheet at the end of the year.