Prepare the December 31, 2017, stockholder's equity section. Assume 2017 net income was $316,000Exercise 15-18 (Part Level Submission)

IvanhoeCompany reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet.

Preferred stock,9%, $100par (10,000 shares authorized,1,900shares issued)$190,000Common stock, $5par (108,500shares authorized,21,700shares issued)108,500Additional paid-in capital116,000Retained earnings424,000Total$838,500