Shelby Corporation was organized in January to operate an aif-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, the following stock transactions were completed: b. Collected $289,000 cash and issued 17,000 shares of common stock. b. issued 13,500 shares of preferred stock at $27 per share; collected in cash. Net income for the year was $47,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. (Helpful tool: Record Joumal Entries for each (A-D) transaction before attempting to complete the balance sheet below)