The annual report for Malibu Beachwear reported the following transactions affecting stockholders equity:

a. Purchased $350,700 of common stock now held in treasury.

b. Declared cash dividends in the amount of $260,350.

c. Paid the dividends in (b).

d. Issued 107,000 new shares of $0.10 par value common shares for $2 per share.

e. Closed the Dividends account.

Prepare a statement of stockholders equity, assuming the following opening balances. Net income for the current year was $277,000.