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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 $$300,000$ of net income and declared no dividends; the following

selected transactions occurred in the order given:

a$.$ Issued $120,000$ shares of the common stock at $$45$ cash per share.

b$.$ Reacquired $15,000$ shares at $$40$ cash per share.

c$.$ Reissued $5,000$ shares from treasury for $$41$ per share.

d$.$ Reissued $5,000$ shares from treasury for $$39$ per share.

Prepare the stockholders' equity section of the balance sheet at December $31.($Amounts to be deducted should be indicated by a

minus sign.$)$