Concord Corporation is authorized to issue 25,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances.

Preferred Stock (11,000 shares)$550,000

Paid-in Capital in Excess of ParPreferred Stock68,000

Common Stock(63,000 shares)315,000

Paid-in Capital in Excess of ParCommon Stock750,000

Retained Earnings320,000

During 2020, the following transactions occurred.

Feb. 1Issued 2,200 shares of preferred stock for land having a fair value of $128,000.

Mar. 1Issued 1,200 shares of preferred stock for cash at $70 per share.

July 1Issued 15,000 shares of common stock for cash at $8 per share.

Sept. 1 Issued 450 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $67 and the fair value for the patent was indeterminable.

Dec. 1Issued 8,000 shares of common stock for cash at $8.50 per share.

Dec. 31 Net income for the year was $259,000. No dividends were declared.

I already know how to Journalize the transactions and the closing entry for net income. How do I Prepare stockholders' equity section at December 31, 2020.?

CONCORD CORPORATION

Balance Sheet (Partial)