Dalmation Corporation was issued a charter on January $15$ authorizing the following capital stock:

Common stock, $$6$ par, $100,000$ shares, one vote per share.

Preferred stock, $7$ percent, par value $$10$ per share, $5,000$ shares, nonvoting.

The following selected transactions were completed during the first year of operations in the order given:

a$.$ Issued $16,000$ shares of the $$6$ par common stock at $$22$ cash per share.

b$.$ Issued $2,600$ shares of preferred stock at $$26$ cash per share.

c$.$ At the end of the year, the accounts showed net income of $$34,000.$ No dividends were declared.

Required:

Prepare the stockholders' equity section of the balance sheet at December $31.$

Assume that you are a common stockholder of Dalmation Corporation. If the company needed additional capital, would you prefer to have it issue additional common stock or additional preferred stock?