2 Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares Preferred stock, $10 par value, 6 percent, 50,000 shares 10 points During January and February, the following stock transactions were completed 02:48:52 a. Collected $324,000 cash and issued 18,000 shares of common stock. b. Issued 14,000 shares of preferred stock at $28 per share; collected in cash. Net income for the year was $48,000; cash dividends declared and paid at year-end were $10,000 Required Print References Prepare the stockholders' equity section of the balance sheet at December 31 SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Preferred Stock Additional Paid-In Capital, Preferred Stock Common Stock Additional Paid-In Capital, Common Stock Total Contributed Capital 0 Retained Earnings 0 Total Stockholders' Equity