3 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. ts During January and February, the following stock transactions were completed: eBook a. Collected $144,000 cash and issued 12,000 shares of common stock. b. Issued 11,000 shares of preferred stock at $22 per share; collected in cash. Print Net income for the year was $42,000; cash dividends declared and paid at year-end were $10,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock Preferred Stock Additional Paid-In Capital, Common Stock Additional Paid-In Capital, Preferred Stock 0 Total Contributed Capital Retained Earnings Total Stockholders' Equity 0