PRESENTATION OF STOCKHOLDERS’ EQUITY Steven’s Restorations was organized in January 2008. During 2008, Steven’s engaged in the following stockholders’ equity activities:

a. Secured approval for a corporate charter that authorizes Steven’s to sell 1,000,000

$5 par common shares and 50,000, $100 par preferred shares.

b. Sold 80,000 of the common shares for $7 per share.

c. Sold 15,000 of the preferred shares for $104 per share.

d. Purchased 700 of the common shares for the treasury at a cost of $10 each.

e. Earned net income of $49,000.

f. Paid dividends of $9,000.

Required:

Prepare the stockholders’ equity portion of Steven’s balance sheet.