DE13-12 Varlux Corporation began operations in 20X3 with a charter that authorized the company to issue 10,000 shares of 5%, $8 par preferred stock and 100,000 shares of no-par common stock. During 20X3 through 20X8, Varlux issued 3.000 shares of the preferred stock for $25 per share and 50,000 shares of its common stock for $5 per share. At December 31. 20X8. Varlux had retained earnings of $110,000. During 20X9, Varlux earned net income of $70,000 and declared cash dividends of $15,000. Show how Varlux Corporation reported stockholders' equity on its balance sheet at December 31, 20X9.