Shareholders Equity Herrera Manufacturing Corporation completed the following transactions during its first year of operation, 2016 1. The state authorized the issuance of 30,000 shares of $5 par common stock; 15,000 shares were issued at $22 per share. 2. The state authorized the issuance of 6,000 shares of $50 par preferred stock. All 6,000 shares were issued at $70 per share. 3. Herrera reacquired 1,000 shares of its outstanding common stock at $18 per share. The cost method is used to account for treasury stock 4. Herrera invested $50,000 of excess cash, not needed to finance operations, in long-term available-for-sale equity securities. At year-end, the market value of these securities was $47,500. S. Herrera sold S00 shares of treasury stock for $23 per share. 6. Net income for the first year of operations was $16,000. No dividends were declared. Required: Prepare the shareholders' equity section of Herrera's balance sheet as of December 31, 2016. HERRARA MANUFACTURING CORPORATION Shareholders' Equity Section December 31, 2016 Contributed Captal Additional paid-in capital Total contributed capital Prepare the shareholders' equity section of Herrera's balance sheet as of December 31, 2016. HERRARA MANUFACTURING CORPORATION Shareholders' Equity Section December 31,2016 Contributed Capital: Additional paid-in capital: Total contributed capital Accumulated other comprehensive income (loss): Total contributed capital, retained earnings, and accumulated other comprehensive income Total Shareholders' Equity