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:

Common stock, $1 par value, 200,000 shares.

Preferred stock, $10 par value, 6 percent, 50,000 shares.

During January and February 2013, the following stock transactions were completed:

a.	Collected $841,000 cash and issued 29,000 shares of common stock.
b.	Issued 19,500 shares of preferred stock at $39 per share; collected in cash.

Net income for 2013 was $59,000; cash dividends declared and paid at year-end were $10,000.

Required:

Prepare the stockholders equity section of the balance sheet at December 31, 2013.

This is what i have

Contributed capital

Preferred stock issued [19500*10] 195000

Additional preferred stock paid in capital [19500*29] 565500

Common stock issued [29000*1] 29000

Additional common stock paid in capital 812000

Total Contributed Capital 1601500

What are the retained earnings/net income

and the total stockholders equity?

Its not add: Net Income 59000

Less: dividends (10000)

I tried that and it didnt work. where am I going wrong here?