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 followingstock transactions were completed: a. Collected $784,000 cash and issued 28,000 shares of common stock. b. Issued 19,000 shares of preferted stock ot $38 per share; collected in cash. Net income for the year was $58,000; cosh dividends declared and paid at yoat-end were $12,000 Required: Prepare the stockholders' equity section of the balance sheet at December 31