On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 259,000 shares issued 259,000 Paid-in capital - excess of par, common 518,000 Paid-in capital - excess of par, preferred 145,000 Preferred stock, $100 par, 14,500 shares outstanding 1,450,000 Retained earnings 2,900,000 Treasury stock, at cost, 5,900 shares 29,500 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 $10.9 per share, fair value $9.45 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: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2018. Assume net income is $590,000 for 2018. (Negative amounts should be entered with a minus sign.)

FASCOM

Balance Sheet (Partial)

December 31, 2018

Shareholders' Equity: