Early in $2021,$ Robbinsville Press was organized with authorization to issue $100,000$ shares of $$100$ par value preferred stock and $500,000$ shares of $$1$ par value common stock. Ten thousand shares of the preferred stock were issued at par, and $170,000$ shares of common stock were sold for $$15$ per share. The preferred stock pays an $8$ percent cumulative dividend.

During the first four years of operations $(2021$ through $2024),$ the corporation earned a total of $$1,385,000$ and paid dividends of $75$ cents per share in each year on its outstanding common stock.

Required:

Prepare the stockholders' equity section of the balance sheet at December $31,2024.$

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Prepare the stockholders' equity section of the balance sheet at December $31,2024.$