United Resources Company obtained a charter from the state in January of this year. The charter authorized 217,000 shares of common stock with a par value of $2. During the year, the company earned $486,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 94,000 shares of the common stock in an initial public offering for $18 per share. b. Repurchased 21,000 shares of the previously issued shares for $21 per share. c. Resold 8,000 shares of treasury stock for $24 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: Answer is complete but not entirely correct. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Common stock Additional paid-in capital Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 188,000 ( 1,520,000 1,708,000 486,000 2,194,000 312,000 x $ 2,506,000