Marvins Shrimp Restaurant incorporated as a new business on January 1, 2016. The company is authorized to issue 40,000 shares of $1 par value common stock, and 10,000 shares of 4%, $5 par value, cumulative, participating preferred stock. On January 1, 2016, the company issued 15,000 shares of common stock for $8 per share. Net income for the year ended December 31, 2016, was $115,000. Cash dividends in the amount of $30,000 were declared, but only $25,000 were paid as of year-end. Prepare the stockholders' equity section of the balance sheet for Marvins Shrimp Restaurant at December 31, 2016.