M & C Corporation charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the company had the following transactions in 2014, its first year of operations. Issued 2,000 shares of common stock. Stock has par value of $1.00 per share and was issued for cash at $50.00 per share. Issued 100 shares of $100 par value preferred stock. Shares were issued for cash at par. Earned net income of $95,000. Dividends of $5,000 declared and paid in cash. Required: 1. Journalize the above transactions in the books of M&C Corporation. 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2014.