Stockholders' Equity Section of the Balance Sheet The stockholders' equity of Black Corporation at January 1 follows: Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding Common stock, $1 par value, 100,000 shares $500,000 authorized; 40,000 shares issued and outstanding 40,000 Paid-in capital in excess of par value-Preferred stock 200,000 Paid-in capital in excess of par value-Common stock Retained earnings 800,000 625,000 Total Stockholders' Equity $2,155,000 The following transactions, among others, occurred during the year: Jan. 1 Announced a 4-for-1 common stock split, reducing the par value of the common stock to $0.25 per share. Mar. 31 Converted $75,000 face value of convertible bonds payable (the book value of the bonds was $83,000) to common stock. Each $1,000 bond converted to 110 shares of common stock. (Round common stock entry in whole dollar June Acquired equipment with a fair market value of $90,000 in exchange for 300 shares of preferred stock. Sept. 1 Acquired 15,000 shares of common stock for cash at $20 per share. Nov. 21 Issued 5,000 shares of common stock at $22 cash per share. Dec. 28 Sold 1,000 treasury shares at $23 per share. 31 Closed net income of $145,000, to the Retained Earnings account. Prepare the stockholders' equity section of the Black Corporation's balance sheet. Do not use negative signs with your answers. Round answers to the nearest whole number, when needed.