United Resources Company obtained a charter from the state in January of this year. The charter authorized 213,000 shares of common stock with a par value of $1. During the year, the company earned $478,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 88,000 shares of the common stock in an initial public offering for $18 per share. b. Repurchased 24,000 shares of the previously issued shares for $21 per share. c. Resold 11,000 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.) UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Common stock $ 88,000 Additional paid-in capital Total contributed capital 88,000 Total contributed capital and retained earnings 88,000 Total stockholders' equity $ 88,000