In January 20X3, the London Company was authorized to issue 50,000 shares of $ 100 par, 10% preferred stock and 100,000 shares of $30 par common stock By December 31, 20X3, 10,000 shares o f preferred stock had been sold at $108 per share, and 25,000 shares of common stock had been sold at $34 per share. Net income for the year amounted to $50,000. No dividends were declared by the board o f directors Pre pare the Stockholders' Equity section of the balance sheet as o f December 31, 20X3