Betts Corporation has the following capital stock outstanding at December 31, 2020: 7% Preferred stock, $100 par value, cumulative 15,000 shares issued and outstanding ..................................................... $1,500,000 Common stock, no-par, $10 stated value, 500,000 shares authorized, 350,000 shares issued and outstanding ................................................... 3,500,000 The preferred stock was issued at $130 per share. The common stock was issued at an average per share price of $14.

Instructions Prepare the paid-in capital section of the balance sheet at December 31, 2020.