The completed T-Accounts:

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The stockholders' equity accounts of Kingbird, Inc. on January 1, 2020, were as follows Preferred Stock (8%, $48 par, cumulative, 10,000 shares authorized) 360,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,050,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,500,000 Retained Earnings 1,800,000 Treasury Stock (10,500 common shares) 52,500 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity 1 Issued 24,500 shares of common stock for $121,000 Feb. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500 Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800 Dec. 31 Determined that net income for the year was $485,00o. No dividends were declared during the year Preferred Stock Jan. 1 Bal 360000 Dec. 31 Bal. 360000 Paid-in Capital in Excess of Par Value-Preferred Stock Jan. 1 Bal. 150000 Dec. 31 Bal. 150000 Common Stock Jan. 1 Bal 1050000 Feb. 1 24500 Sep. 3 5200 Dec. 31 Bal. 1079700 Paid-in Capital in Excess of Stated Value-Common Stock Jan. 1 Bal 1500000 Feb. 1 96500 Sep. 3 29300 Dec. 31 Bal. 1625800 Retained Earnings Jan. 1 Bal 1800000 Dec. 31 485000 Dec. 31 Bal. v 2285000 000 Paid-in Capital from Treasury Stock Apr. 14 5100 Dec. 31 Bal 5100 Treasury Stock Jan. 1 Bal 52500 Apr. 14 28000 Nov. 10 5800 Dec. 31 Bal 30300 Prepare a stockholders' equity section at December 31, 2020, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.) Kingbird, Inc. Balance Sheet (Partial) $ FA