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, si 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: OK nces a. Collected $169,000 cash and issued 13,000 shares of common stock b. Issued 11,500 shares of preferred stock at $23 per share; collected in cash. Net income for the year was $43,000; cash dividends declared and paid at year-end were $12,000 Required: Prepare the stockholders' equity section of the balance sheet at December 21. erences SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity