SK Co reported the following balances at January 1, 2022: Common stock - 100,000 shares authorized, 50,000 shares of $.01 par value issued and outstanding with paid in capital in excess of par value common stock of $800,000; Preferred Stock - 100,000 shares authorized, 20,000 shares of $3 par value issued and outstanding with paid in capital in excess of par value - preferred stock of $500,000; and retained earnings $600,000. During 2022, the following transactions affected stockholders equity.

Purchased 5,000 shares of its own common stock for $20 per share

Earned net income of $40,000

Declared and paid dividends of $8,000

Prepare the stockholders equity section of SKs December 31, 2022 balance sheet.