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United Resources Company obtained a charter from the state in January of this year. The charter authorized 217,000 shares of common stock with a par value of $1. During the year, the company earned $489,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 87,000 shares of the common stock in an initial public offering for $14 per share. b. Repurchased 23,000 shares of the previously issued shares for $17 per share. c. Resold 12,000 shares of treasury stock for $20 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Additional paid-in capital S 1,218,000 Retained eamings 489,000 1.707,000 Total contributed capital Common stock Treasury stock 217,000 (240,000) Total contributed capital and retained earnings 1,684,000 Total stockholders' equity $ 1,684,000