Able Repair Company began operations during 2016. The company has been authorized to sell 950,000 shares of S5 par value common stock and 200,000 shares of $13 par, 8 percent preferred stock. During the year, the company had the following selected transactions: Mar 1: Issued 5,500 shares of common stock in exchange for $25,000 and a truck with a market value of S2,500. Apr 13: Issued 1,000 shares of common stock for $5,000. Aug 18: Issued 3,500 shares of common stock for $33,250. Sep 6: Issued 2,000 shares of preferred stock for $30,000. Oct 22: Purchased 1.500 shares of its common stock for $11 per share Nov 14: Declared a $10,000 dividend to be paid on Devember 15. Dec 15: Paid the dividend. Dec 21: Sold 300 shares of treasury stock for $18 per share. Requirement. Prepare the stockholders' equity section of the balance sheet on December 31, 2018, assuming $125,000 of net income during the year. In addition to the dividends paid onDecember 15, $3,400 of more dividends were declared prior to year-end; and these dividends were pald during the first month of next year Stockholders Equity Pald-in capital: Preferred stock, S13 par, 2,000 shares issued and outstanding Paid-in capital in excess of par, preferred Common stock, 55 par 200,000 shares authorized, 950,000 shares authorized, shares issued, shares outstanding Paid-in capital in excess of par, common Paid-in capital from treasury stock Total paid-in capital Retained earnings Less: Treasury stock Total stockholders' equity shares at cost