ET-4 Reporting the Stockholders Equity Section of the Balance Sheet LO 11-2, LO 11-3, LO 11-4] Shelby Corporation was organized in January to operate an air-conditioning sales and service business The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed: a. Collected $900,000 cash and issued 30,000 shares of common stock. b. Issued 20,000 shares of preferred stock at $40 per share: collected in cash. Net income for the year was $60,000; cash dividends declared and paid at year-end were $11,000 Prepare the stockholders' equity section of the balance sheet at December 31 SHELBY CORPORATION Balance Sheet (Partial) At 31 Stockholders Equity Contributed Capital: $ 30,000 870,000 200,000 Common Stock Additional Paid-in Capital, Common Stocik Additional Paid-in Capital, Preferred Stock 1.100,000 Total Contributed Capital etained Earnings Total Stockholiders' Equity MacBook Air esc 80p FT 2 4