Lerner Company had the following transactions in 2013, its first year of operations.

Issued 20,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $14.00

per share.

Issued 1,000 shares of $100 par value preferred stock. Shares were issued at par.

Earned net income of $35,000.

Paid no dividends.

Journalize transactions.

Prepare Stockholders' Equity Section of the Balance Sheet as of Dec 31 2013.