United Resources Company obtained a charter from the state in January of this year. The charter authorized 214,000 shares of common stock with a par value of $2. During the year, the company earned $481,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 89,000 shares of the common stock in an initial public offering at $18 cash per share. b. Repurchased 30,000 shares of the previously issued shares at $21 cash per share. c. Resold 2,000 of the shares of the treasury stock at $24 cash 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 S 178,000 Additional paid-in capital 1,514,000 Total contributed capital 1,692,000 Retained earnings 481,000 Total contributed capital and retained earnings Treasury stock 2,173,000 (492,000) Total stockholders' equity $ 1,681,000