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 $361.000 cash and issued 19,000 shares of common stock. b Issued 14,500 shares of preferred stock at $29 per share: collected in cash. Net income for the year was $49,000; cash dividends declared and paid at year-end were $12.000. Requlred: Prepare the stockholders equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Total Contributed Capital Total Stockholders Equity