Stockholders' Equity On January 1, Mulcahy Manufacturing Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $135,400 cash. No other shares were issued during the year, and no shares were repurchased by the corporation. On November 1, the corporation's major stockholder sold 300 shares to another stockholder for $43,800. The corporation reported net income of $27,300 for the year. Required: Prepare the stockholders' equity section of Mulcahy's balance sheet at December 31. Mulcahy Manufacturing Inc. Partial Balance Sheet Stockholders' equity: December 31 Common stock Retained earnings Total stockholders' equity 135,400