MANHATTAN TRANSPORT COMPANY Partial Balance Sheet December 31, 2021 Maria Martinez organized Manhattan Transport Company in January 2018. The corporation immediately issued at $8 per share one- half of its 200,000 authorized shares of $2 par value common stock. On January 2, 2019, the corporation sold at par value the entire 5,000 authorized shares of 8 percent, $100 par value cumulative preferred stock. On January 2, 2020, the company again needed capital and issued 5,000 shares of an authorized 10,000 shares of no-par cumulative preferred stock for a total of $512,000. The no- per shares have a stated dividend of $9 per share. The company declared no dividends in 2018 and 2019. At the end of 2019, its retained earnings were $170,000. During 2020 and 2021 combined, the company earned a total of $890,000. Dividends of 50 cents per share in 2020 and $1.60 per share in 2021 were paid on the common stock. Required: Prepare the stockholders' equity section of the balance sheet at December 31, 2021 Stockholders' equity Common stock, $2 par, 200,000 shares authorized, 100,000 shares issued and outstanding 8% cumulative preferred stock, $100 par value, 5,000 shares authorized, issued and outstanding $9 cumulative preferred stock, no-par value, 10,000 authorized, 5,000 shares, issued and outstanding Total paid-in capital Retained earnings Retained earnings at Dec. 31, 2019 Net income for four-year period Less: Dividends paid on 8% preferred stock: Less: Dividends on $9 preferred stock: Less: Dividends on common stock: $ 0 0 0 0 0 Retained earnings, December 31, 2021 0 Total stockholders' equity $ 0