Shelby Corporation was organized in January 2013 to operate an air conditioning sales and service business. The charter issued by the state authorized the following capital stock: During January and February 2013, the following stock transactions were completed: a. Collected $400,000 cash and issued 20,000 shares of common stock. b. Issued 15,000 shares of preferred stock at $30 per share; collected in cash. Net income for 2013 was $50,000; cash dividends declared and paid at year-end were $10,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2013