Shelby Corporation was organized in January 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, the following stock transactions were completed:

Collected $$400,000$ cash and issued $20,000$ shares of common stock.

Issued $15,000$ shares of preferred stock at $$30$ per share; collected in cash.

Net income for the year was $$50,000$; cash dividends declared and paid at year$-$end were $$10,000.$

Required:

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