Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given:

Issued a total of 39,000 shares of the common stock for $16 per share.

Issued 12,000 shares of the preferred stock at $17 per share.

Issued 2,900 shares of the common stock at $21 per share and 1,200 shares of the preferred stock at $17.

Net income for the first year was $47,000, but no dividends were declared.

Required: Prepare the stockholders equity section of the balance sheet at December 31.