United Resources Company obtained a charter from the state in January of this year. The charter authorized 212,000 shares of common stock with a par value of $1. During the year, the company earned $495,000 Also during the year, the following selected transactions occurred in the order given:

a. Sold 91,000 shares of the common stock in an initial public offering at $19 cash per share.

b. Repurchased 28,000 shares of the previously issued shares at $22 cash per share.

c. Resold 12,000 of the shares of the treasury stock at $25 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 Total contributed capital Total contributed capital and retained earnings Total stockholders' equity