Edward Tandy Company reported the following balances at December $31,2019$: common stock $$550,000$; paid$-$in capital in excess of par$-$common stock $$195,000$; retained earnings $$355,000.$ During $2020,$ the following transactions affected stockholder's equity$\mathrm{.}1.$ Issued preferred stock with a par value of $$195,000$ for $$225,000\mathrm{.}2.$ Purchased treasury stock $($common$)$ for $$65,000\mathrm{.}3.$ Earned net income of $$250,000\mathrm{.}4.$ Declared and paid cash dividends of $$84,000($$$22,660$ preferred$).($a$)$Prepare the stockholders' equity section of Edward Tandy Company's December $31,2020,$ balance sheet.