Expert Equipment Company began operations during 2016. The company has been authorized to sell 500,000 shares of $7 par value common stock and 125,000 shares of $20 par, 5 percent preferred stock. During the year, the company had the following selected transactions: Mar 1: Issued 5,300 shares of common stock in exchange for $16,000 and a truck with a market value of $21,100. Apr 13: Issued 2,000 shares of common stock for $14,000. Aug 18: Issued 6,000 shares of common stock for $69,000. Sep 6: Issued 1,500 shares of preferred stock for $50,000. Oct 22: Purchased 2,000 shares of its common stock for $13 per share. Nov 14: Declared a $10,000 dividend to be paid on December 15. Dec 15: Paid the dividend. Dec 21: Sold 900 shares of treasury stock for $15 per share. Requirement. Prepare the stockholders' equity section of the balance sheet on December 31, 2016, assuming $116,000 of net income during the year. In addition the dividends paid on December 15, $3,900 of more dividends were declared prior to year-end; and these dividends were paid during the first month of next year. Stockholders' Equity Paid-in capital: Stockholders' Equity Paid-in capital: Total stockholders' equity