United Resources Company obtained a charter from the state in January of this year. The charter authorized 208,000 shares of common stock with a par value of $1. During the year, the company earned $480,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 97,000 shares of the common stock in an initial public offering for $19 per share b. Repurchased 24,000 shares of the previously issued shares for $22 per share. c. Resold 2,000 shares of treasury stock for $25 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.) UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity Contributed capital Common stock $ Additional paid in capital 97,000 Total contributed capital Retained earnings 480.000 577,000 Total contributed capital and retained earnings Treasury stock