On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 240,000 shares issued 240,000

Paid-in capital - excess of par, common 480,000

Paid-in capital - excess of par, preferred 200,000

Preferred stock, $100 par, 20,000 shares outstanding 2,000,000

Retained earnings 4,000,000

Treasury stock, at cost, 4,000 shares 20,000

During 2018, Fascom Inc. had several transactions relating to common stock.

January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $12.0 per share, fair value $10.00 per share).

February 17: Distributed the property dividend.

April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date.

July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share.

December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.

December 20: Paid the cash dividend.

Required:

Prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2018. Assume net income is $400,000 for 2018. (Negative amounts should be entered with a minus sign.)