P11-5 (Algo) Preparing the Stockholders' Equity Section after Selected Transactions LO11-1, 11-3, 11-7 United Resources Company obtained a charter from the state in January of this year. The charter authorized 209,000 shares of common stock with a par value of $3. During the year, the company earned $491,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 86,000 shares of the common stock in an initial public offering for $15 per share. b. Repurchased 23,000 shares of the previously issued shares for $18 per share. c. Resold 3,000 shares of treasury stock for $21 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) X Answer is complete but not entirely correct. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Common stock 258,000 17,580 Additional paid-in capital Total contributed capital 275,580 Retained earnings 491,000 766,580 Total contributed capital and retained earnings Treasury stock (360,000) Total stockholders' equity $ 406,580