Dirk Company reported the following balances at December 31, 2014: common stock $500,000; paid-in capital in excess of par valuecommon stock $100,000; and retained earnings $250,000. During 2015, the following transactions affected stockholders' equity.

1.		Issued preferred stock with a par value of $125,000 for $200,000.
2.		Purchased treasury stock (common) for $40,000.
3.		Earned net income of $180,000.
4.		Declared and paid cash dividends of $56,000.

Prepare the stockholders equity section of Dirk Companys December 31, 2015, balance sheet.

DIRK COMPANY Balance Sheet (Partial) December 31, 2015