Houghton Company began business on January 1, 2015 by issuing all of its 1,550,000 authorized shares of its $1 par value common stock for $30 per share. On June 30, Houghton declared a cash dividend of $1.25 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 310,000 of its own shares of stock for $35 per share. On December 22, Houghton resold 155,000 of these shares for $41 per share. Record the issue of 1,550,000 authorized shares of $1 par value for $30 per share.Record the declaration of the cash dividends of $1.25 per share.Record the payment of the cash dividends of $1.25 per share.Record the repurchase of 310,000 shares for $35 per share.

Record the reissue of 155,000 share for 41 per share. .

Prepare the stockholders' equity section of the balance sheet as of December 31, 2015 assuming that the net income for the year was $8,000,000.