Steven Tandy Company reported the following balances at December 31, 2019: common stock $525,000; paid-in capital in excess of par-common stock $205,000; retained earnings $330,000. During 2020 , the following transactions affected stockholder's equity. 1. Issued preferred stock with a par value of $210,000 for $235,000. 2. Purchased treasury stock (common) for $69,000. 3. Earned net income of $250,000. 4. Declared and paid cash dividends of $87,000 ( $17,345 preferred). Prepare the stockholders' equity section of Steven Tandy Company's December 31, 2020, balance sheet. STEVEN TANDY COMPANY Balance Sheet (Partial)