Cheyenne Company was formed on July 1, 2015. It was authorized to issue 310,800 shares of $10 par value common stock and 102,900 shares of 7% $25 par value, cumulative and nonparticipating preferred stock. Cheyenne Company has a July 1-June 30 fiscal year.

The following information relates to the stockholders' equity accounts of Cheyenne Company.

Common Stock

Prior to the 2017-2018 fiscal year, Cheyenne Company had 112,900 shares of outstanding common stock issued as follows.

1. 85,500 shares were issued for cash on July 1, 2015, at $33 per share.

2. On July 24, 2015, 5,000 shares were exchanged for a plot of land which cost the seller $67,000 in 2009 and had an estimated fair value of $219,000 on July 24, 2015.

3. 22,400 shares were issued on March 1, 2016, for $38 per share.

During the 2017-2018 fiscal year, the following transactions regarding common stock took place.

November 30, 2017 Cheyenne purchased 1,900 shares of its own stock on the open market at $40 per share. Cheyenne uses the cost method for treasury stock.

December 15, 2017 Cheyenne declared a 5% stock dividend for stockholders of record on January 15, 2018, to be issued on January 31, 2018. Cheyenne was having a liquidity problem and could not afford a cash dividend at the time. Cheyenne's common stock was selling at $53 per share on December 15, 2017.

June 20, 2018 Cheyenne sold 460 shares of its own common stock that it had purchased on November 30, 2017, for $19,000.

Preferred Stock

Cheyenne issued 39,000 shares of preferred stock at $40 per share on July 1, 2016.

Cash Dividends

Cheyenne has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2018, are shown below.

Declaration

Date

Common

Stock

Preferred

Stock

12/15/16 $0.30 per share $1 per share

6/15/17 $0.30 per share $1 per share

12/15/17 $1 per share

No cash dividends were declared during June 2018 due to the company's liquidity problems.

Retained Earnings

As of June 30, 2017, Cheyenne's retained earnings account had a balance of $663,900. For the fiscal year ending June 30, 2018, Cheyenne reported net income of $38,900.

Prepare the stockholders' equity section of the balance sheet, for Cheyenne Company as of June 30, 2018, as it should appear in its annual report to the shareholders.