Problem 8 (10 points) The stockholders' equity section of Barrel Corporation's balance sheet at December 31, 2016, appel below: Stockholders' equity Paid-in capital Common stock, $1 par value, 400,000 shares authorized; 250,000 issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $250,000 3.450,000 3,700,000 800.000 $4,500,000 During 2017, the following occurred: 1. On March 1, 2017 the Board of Directors declared a $0.40 per share cash dividend. The dividend was paid on April 1. 2. On July 1, 2017 Barrel Corp issues 50,000 share of common stock for $15 per share. 3. Net Income for 2017 was $300,000 Instructions: Based on the transactions above, show the stockholders' equity section of Barrel Corporations balance sheet at December 31, 2017