Fierra Sceptre Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2017, its first year of operations, the following selected transactions occurred:

Jan.	1	5,200 of the preferred shares were issued at $13.00 per share; cash.
Feb.	5	15,000 of the common shares were issued for a total of $128,000; cash.
Mar.	20	3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $29,000.
May	15	12,200 preferred shares and 21,000 common shares were issued at $13.10 and $9.50 respectively; cash.
Dec.	31	The Income Summary account was closed; it showed a debit balance of $331,000. December 31 is Fierras year-end.

b. Prepare the equity section of Fierra Sceptre Inc.s balance sheet at December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)