Target Repair Company began operations during 2016. The company has been authorized to sell 750,000 shares of $8 par value common stock and 300,000 shares of $15 par, 14 percent preferred stock. During the year, the company had the following selected transactions: Mar 1: Issued 3,900 shares of common stock in exchange for $15,000 and a truck with a market value of $16,200. Apr 13: Issued 2,000 shares of common stock for $16,000. Aug 18: Issued 2,500 shares of common stock for $38,125. Sep 6: Issued 3,100 shares of preferred stock for $55,000. Oct 22: Purchased 1,800 shares of its common stock for $10 per share. Nov 14: Declared a $8,000 dividend to be paid on December 15. Dec 15: Paid the dividend. Dec 21: Sold 800 shares of treasury stock for $12 per share. Requirement. Prepare the stockholders' equity section of the balance sheet on December 31, 2016, assuming $150,000 of net income during the year. In addition to the dividends paid on December 15, $1,000 of more dividends were declared prior to year-end; and these dividends were paid during the first month of next year. Stockholders' Equity Paid-in capital: Preferred stock, $15 par, shares authorized, Total stockholders' equity