United Resources Company obtained a charter from the state in January of this year. The charter authorized 202,000 shares of common stock with a par value of $2. During the year, the company earned $484,000 Also during the year, the following selected transactions occurred in the order given:

1. Sold 88,000 shares of the common stock in an initial public offering for $15 per share.
2. Repurchased 20,000 shares of the previously issued shares for $18 per share.
3. Resold 6,000 shares of treasury stock for $21 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 176,000 Additional paid-in capital 1,144,000 Total contributed capital 1,320,000 Retained earnings Total contributed capital and retained earnings 1,320,000 Treasury stock 252,000 $ 1,572,000 Total stockholders' equity