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Dirk Company reported the following balances at December 31, 2016: common stock $401,000, paid-in capital in excess of par valuecommon stock $105,000, and retained earnings

Dirk Company reported the following balances at December 31, 2016: common stock $401,000, paid-in capital in excess of par valuecommon stock $105,000, and retained earnings $241,000. During 2017, the following transactions affected stockholders' equity.

1. Issued preferred stock with a par value of $124,000 for $210,000.
2. Purchased treasury stock (common) for $44,000.
3. Earned net income of $141,500.
4. Declared and paid cash dividends of $52,000.

Prepare the stockholders equity section of Dirk Companys December 31, 2017, balance sheet.

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