Mintzberg, Inc. begins business on January 1, 2015 and is setup as a c-corp.

On 12/31/15 they declared total dividends of $ 1,400,000 and they had the following in their equity section (after adjusting for dividends):

Common stock 3,000,000 auth, $1 par-value, 1,500,000 issued $ 1,500,000

Preferred stock 200,000 auth, 9%, $100 par-value, 100,000 issued $ 10,000,000

Treasury stock 50,000 @ $40/share $ 2,000,000

Retained earnings $ 4,525,000

Additional paid-in capital $ 67,000,000

The following are selected transactions from the fiscal-year 2016:

January 10 Mintzberg pays the dividends they declared in 2015.

February 23 Mintzberg issues 10,000 shares of preferred stock for $225 / share.

April 3 Mintzberg re-issues 15,000 shares of common stock (currently in treasury stock) for $28 / share.

June 13 In exchange for 5,000 shares of unissued common stock, one of the owners of Mintzberg contributes a piece of machinery. The machinery is currently valued at $ 250,000.

December 31 Mintzberg ends the year with $ 9,300,000 of net income ($12,000,000 of revenue and $2,700,000 of expenses). They close out net income to retained earnings and the board declares total dividends (preferred and common) of $2,200,000 to be paid on Jan 15 of the following year.

Please prepare the equity section of the balance sheet, as of 12/31/16, with full notations.