The stockholder's equity account of Jajoo Corporation on January 1,2011, were as follows:

Preferred Stock (10%, $100 par noncumulative, 5,000 sharesauthorized) $300,000

Common Stock ($5 stated value, 300,000 shares authorized)$1,000,000

Paid-in Capital in Excess of Par Value-Preferred Stock$20,000

Paid-in Capital in Excess of Stated Value-Common Stock$425,000

Retained Earnings $488,000

Treasury Stock-Common (5000 shares) $40,000

During 2011, the corporation had the following transactionsand events pertaining to its stockholders' equity

Feb 1 Issued 3,000 shares of common stock for $25,000

Mar 20 Purchased 1,500 additional shares of common treasurystock at $8 per share

June 14 Sold 4,000 shares of treasury stock-common for$36,000

Sept 3 Issued 2,000 shares of common stock for a patent valuedat $17,000

Dec 31 Determined that net income for the year was340,000

Prepare the stockholder's equity section of the balance sheetat December 31, 2011