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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $330,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:

1. Issued 120,000 shares of the common stock at $48 cash per share.
2. Reacquired 18,000 shares at $43 cash per share.
3. Reissued 6,500 shares from treasury for $44 per share.
4. Reissued 6,500 shares from treasury for $42 per share.

3. Prepare the stockholders equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)