Stockholders' equity information for two independent companies, Monterrey Enterprises, Inc., and Guadalupe Corp., follow.

- Monterrey Enterprises, Inc. Monterrey is authorized to issue 60,000 shares of \(\$ 5\) par common stock. All the stock was issued at \(\$ 12\) per share. The company incurred a net loss of \(\$ 40,000\) in 2006. It earned net income of \(\$ 30,000\) in 2007 and \(\$ 90,000\) in 2008. The company declared no dividends during the three-year period.

- Guadalupe Corp. Guadalupe's charter authorizes the company to issue 10,000 shares of \(\$ 2.50\) preferred stock with par value of \(\$ 50\) and 120,000 shares of no-par common stock. Guadalupe issued 1,000 shares of the preferred stock at par. It issued 40,000 shares of the common stock for a total of \(\$ 220,000\). The company's Retained Earnings balance at the beginning of 2008 was \(\$ 65,000\), and net income for the year was \(\$ 90,000\). During 2008 , the company declared the specified dividend on preferred and a \(\$ 0.50\) per share dividend on common. Preferred dividends for 2007 were in arrears.

Requirements 

For each company, prepare the stockholders' equity section of its balance sheet at December 31, 2008. Show the computation of all amounts. Entries are not required.