United Resources Company obtained a charter from the state in January of this year. The charter authorized 209,000 shares of common stock with a par value of $3. During the year, the company earned $476,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 99,000 shares of the common stock in an initial public offering for $18 per share. b. Repurchased 25,000 shares of the previously issued shares for $21 per share. c. Resold 3,000 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.) X Answer is complete but not entirely correct. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: $ 297,000 Common stock Additional paid-in capital 1,188,000 X 1,485,000 Total contributed capital Retained earnings 476,000 Total contributed capital and retained earnings Treasury stock 1,961,000 (462,000) Total stockholders' equity 1,499,000