40) Tortola Company reported the following balances at December 31, 2019: common stock $500,000; paid-in capital in excess of par value $100,000; retained earnings $250,000. During 2020, the following transactions affected stockholders' equity. 1. Issued preferred stock with a par value of $150,000 for $200,000. 2. Purchased treasury stock (common) for $40,000. 3. Earned net income of $140,000. 4. Declared and paid cash dividends of $75,000. Instructions Prepare the stockholders' equity section of Tortola Company's December 31, 2020, balance sheet in good form