Dirk Company reported the following balances at December 31, 2016: common stock $409,000, paid-in capital in excess of par valuecommon stock $100,000, and retained earnings $259,000. During 2017, the following transactions affected stockholders' equity.

1. Issued preferred stock with a par value of $120,000 for $190,000.

2. Purchased treasury stock (common) for $37,000.

3. Earned net income of $141,500.

4. Declared and paid cash dividends of $57,000.

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