Brice Company completed the following transactions in Year 1, the first year of operation:

Issued 48,000 shares of no-par common stock for $10 per share.

Issued 8,800 shares of $20 par, 7 percent, preferred stock for $20 per share.

Paid a cash dividend of $12,320 to preferred shareholders.

Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $12 per share.

Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $50 per share.

Produced $170,000 of cash revenues and incurred $80,000 of cash operating expenses.

Closed the revenue, expense, and dividend accounts to retained earnings.

c. Prepare the stockholders equity section of the balance sheet at the end of Year 1.

\begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ BRICE COMPANY } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet (Partial) } \\ \hline As of December 31, Year 1 & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline & & \\ \hline Total paid-in capital & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ BRICE COMPANY } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet (Partial) } \\ \hline As of December 31, Year 1 & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline & & \\ \hline Total paid-in capital & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline \end{tabular}