Preferred stock: 8 percent, par $10, authorized 20,000 shares.

Common stock: par $1, authorized 50,000 shares.

During 2013, the following transactions occurred in the order given:

a.	Issued a total of 32,000 shares of the common stock for $12 per share.
b.	Issued 10,000 shares of the preferred stock at $13 per share.
c.	Issued 2,200 shares of the common stock at $17 per share and 1,000 shares of the preferred stock at $13.
d.	Net income for the first year was $40,000.

Required:

Prepare the stockholders