Kalmia Corporation has issued 440,000 common shares with a declared value of $5. Authorized 600,000 shares. The paid-up capital in excess of par for the common shares is $800,000. The corporation purchased 10,000 shares at a cost of $120,000.

The corporation also has 5,000 shares issued and outstanding preferred shares with a par value of 8%. Authorized 5,000 shares. Paid-in capital in excess of par value of preferred stock is $280,000. Retained earnings is $1,334,000. 

Required:

Prepare the stockholders' equity section of the balance sheet as of December 31, 2020.