The following summaries for Millett Corp. and Structural Castings, Inc., provide the information needed to prepare the stockholders' equity section of the company balance sheet. The two companies are independent.

Millett Corp. Millett Corp. is authorized to issue 50,000 shares of \(\$ 1\)-par common stock. All the stock was issued at \(\$ 12\) per share. The company incurred net losses of \(\$ 30,000\) in \(19 \times 1\) and \(\$ 14,000\) in \(19 \mathrm{X} 2\). It earned net incomes of \(\$ 23,000\) in \(19 \mathrm{X} 3\) and \(\$ 71,000\) in 19X4. The company declared no dividends during the four-year period.

Structural Castings, Inc. Structural Castings's charter authorizes the company to issue 5,000 shares of 5 -percent, \(\$ 100\)-par preferred stock and 500,000 shares of no-par common stock. Structural Castings issued 1,000 shares of the preferred stock at \(\$ 105\) per share. It issued 100,000 shares of the common stock for \(\$ 400,000\). The company's retained earnings balance at the beginning of \(19 \mathrm{X} 4\) was \(\$ 120,000\). Net income for \(19 \mathrm{X} 4\) was \(\$ 80,000\), and the company declared a 5 -percent preferred dividend for \(19 \mathrm{X} 4\). Preferred dividends for \(19 \mathrm{X} 3\) were in arrears.

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For each company, prepare the stockholders' equity section of its balance sheet at December 31, 19X4. Show the computation of all amounts. Entries are not required.