The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders equity section of Headlands balance sheet at December 31, 2017.

HEADLAND CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess $ 160,900 $491,000 202,000 1,346,000 165,000 28,000 281,000 of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at cost) 1,344,000 171,000 206,000 4,100 505,000 416,000 450,000 41,000 304,000 179,000 $3,147,000$3,147,000 Totals At December 31, 2017, Headland had the following number of common and preferred shares. Common Preferred Authorized Issued Outstanding 618,000 206,000 192,000 54,000 9,000 9,000