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; 6,800 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 102,000 19,000 121,000 48,000 $169,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end). b. Determined net income, $52,000. 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 Paid-in Capital Shares Amount $ 102,000 $ Total Retained Stockholders' Earnings Equity $ 48,000 $ 169,000 52,000 52,000 6,800 19,000 Balances as of December 31, prior year Add: Net income Less: Dividends declared (13,600) (13,600) 1,800 Stock issued Balances as of December 31, current year 8,600