The December 31, 20x9, trial balance of Clancy Corporation had the following account

balances:

Common stock (no-par value; 200,000 shares authorized, issued, and

outstanding; stated value of $20 per share) 4,000,000

Notes payable (12% due 2010 May 1) 500,000

Retained earnings, unappropriated 2,500,000

Dividends payable in cash (declared December 15, on preferred stock) 12,000

Appropriation per loan agreement 480,000

Preferred stock (6%, par value $200; 2,000 shares authorized, issued, and outstanding) 400,000

Paid-In capital in excess of stated value Common 300,000

Paid-In Capital in Excess of Par Value Preferred 40,000

Present in proper form the stockholders' equity section of the balance sheet.