On January 1, 2010 Fiberglass Industries was authorized to issue 750,000 shares of 3.00 par common stock, and 40,000 shares of 4% $25 par cumulative preferred stock.

Required: Using the information below, prepare the Stockholders' Equity Section of the Balance Sheet at December 31, 2011.

2010:

Jan 4th issued 100,000 shares common stock at $5/ share.

Jan 5th issued 10,000 shares preferred stock at $40/ share.

Feb 1st Issued 60,000 shares of common stock in exchange for a shop with an estimated fair market value of $367,500.

Aug 31st Declared a $.20 cash dividend on common stock.

Dec 31st Net Income was $1,537,900 for 2010.

2011:

Mar 1st Declared and distributed a 5% common stock dividend. The company's common stock was selling for $6 per share when the stock dividend was declared.

May 15th Purchase 4,000 shares of their own common stock for $7/share.

Aug 31st Declared a $.25 cash dividend on common stock.

Nov 15th Sold 2,000 shares of the treasury stock for 22,000 Dec 31st

Net income was $1,323,380 for 2011.