Sweet Sixteen has two classes of stock authorized: $100 par value preferred and $1 par value common. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2018: preferred stock, $100,000, common stock, $20,000; paid-in capital, $380,000; and retained earnings, $450,000. Net income for the year ended December 31, 2018, is $65,000. The following transactions affect stockholders' equity during 2018:

March 1 Issue 3,000 additional shares of common stock for $22 per share. April 1 Issue 5,000 additional shares of preferred stock for $110 per share. June 1 Declare a cash dividend on common stock of $1 per share and a cash dividend on preferred stock of $5 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 2,000 shares of common treasury stock for $18 per share. October 1 Reissue 1,000 shares of treasury stock purchased on August 1 for $20 per share.

Taking into consideration the beginning balances and all the transactions during 2018, respond to the following for Sweet Sixteen:

Required:

1. Prepare the statement of stockholders equity for the year ended December 31, 2018.