At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders equity Contributed capital Common stock (par $15; 6, 300 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 94,500 14,000 108,500 45,000 $153,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,400 shares of common stock at $23 cash per share (at year-end). b. Determined net income, $50,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount 9,450 $ 945,000 $ Paid-in Total Retained Capital Stockholders' Earnings Equity 14,000 $ 45,000 $ 153,500 50,000 50,000 Balances as of December 31, prior year Add: Net income Less: Dividends declared Stock issued Balances as of December 31, current year 1,400 14,000