During 2018, the company completed the following selected transactions:

a. Issued for cash 25,000 shares of preferred stock at par value.

b. Issued for cash 40,000 shares of common stock at a price of $10 per share.

c. Net income for the year was $240,000, and the company declared no dividends.

As her friend, Leslie now seeks your advice.

REQUIRED:

1. Prepare the Stockholders Equity Section of the companys balance sheet at December 31, 2018 based on the information presented and include the following:
   • information on par values.
   • the number of shares authorized and issued where necessary
   • the sub total for the total paid in capital
   • total stockholders equity