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, S1 par value, 200,000 shares. Preferred stock 510 par value 6 percent, 50,000 shares During January and February the following stock transactions were completed: a Collected $625,000 cash and issued 25,000 shares of common stock. b. Issued 17,500 shares of preferred stock at $35 per share collected in cash, Net income for the year was $55,000 cash dividends declared and paid at year-end were $12.000 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 0 Total Stockholders Equity 5 0