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, 20e,eee shares. Preferred stock, $10 par value, 6 percent, 5e,ee0 shares. During January and February, 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 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 SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity