Montsey Corporation begins operations in January 2018. The charter authorized the following capital stock:

Common stock: par $1; authorized 250,000 shares.

8% Preferred stock: par $100; authorized 5,000 shares.

During 2018 and 2019 the following transactions occured in the order given.

(a) Issued 100,000 shares of common stock and collected $5 cash per share from each of them.

(b) Issued 3,000 shares of preferred stock and collected $150 cash per share from each of them.

(c) Net income for 2018 is $500,000.

(d) Declared and paid dividends for $300,000.

(e) Net income for 2019 is $150,000

Prepare the stockholders equity section of the balance sheet at December 31, 2019.