ded Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The...

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ded Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $576,000 cash and issued 24,000 shares of common stock. b. Issued 17,000 shares of preferred stock at $34 per share; collected in cash. Net income for the year was $54,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock $ 29,000 Preferred Stock 195,000 Additional Paid-In Capital, Common Stock 812,000 Additional Paid-In Capital, Preferred Stock 565,500 Total Contributed Capital 1,601,500 Retained Earnings 0 49,000 Total Stockholders' Equity $1,650,500 "Red test indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted ded Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $576,000 cash and issued 24,000 shares of common stock. b. Issued 17,000 shares of preferred stock at $34 per share; collected in cash. Net income for the year was $54,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock $ 29,000 Preferred Stock 195,000 Additional Paid-In Capital, Common Stock 812,000 Additional Paid-In Capital, Preferred Stock 565,500 Total Contributed Capital 1,601,500 Retained Earnings 0 49,000 Total Stockholders' Equity $1,650,500 "Red test indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted