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: 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: Preferred Stock Additional Paid-In Capital, Preferred Stock Common Stock Additional Paid-In Capital, Common Stock 0 Total Contributed Capital Retained Earnings Total Stockholders' Equity $ 0