P11-5 Preparing the Stockholders' Equity Section after Selected Transactions LO11-1, 11-3

United Resources Company obtained a charter from the state in January of this year. The charter authorized 205,000 shares of common stock with a par value of $2. During the year, the company earned $479,000 Also during the year, the following selected transactions occurred in the order given:

a. Sold 98,000 shares of the common stock in an initial public offering at $18 cash per share.

b. Repurchased 29,000 shares of the previously issued shares at $21 cash per share.

c. Resold 7,000 of the shares of the treasury stock at $24 cash 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.)