Reporting the Stockholders' Equity Section of the Balance Sheet Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the State of Texas authorized the following capital stock: Common Stock, $3 par value, 200,000 shares Preferred Stock, $10 par value, 6% cumulative, 50,000 shares During the year, the following stock transactions were completed: Collected $400,000 cash and issued 20,000 shares of common stock (Jan 15th) Issued 15,000 shares of preferred stock at $30, per share, collected cash (Feb 2nd) Net Income for the year was $50,000 On December 20, a Cash Dividend of $10,000 was declared, and will be paid on January 5 of the next year. Use the designated Journal Entry Worksheet to show the journal entries for the above transactions. Use the space below for your calculations, and the attached worksheets for the journal entries. There are no points awarded for calculations, all of the points are awarded for the correct journal entries. However, the calculations will be reviewed