United Resources Company obtained a charter from the state in January of this year. The charter authorized 200,000 shares of common stock with a par value of $1. During the year, the company earned $590,000. Also during the year, the following selected transactions occurred in the order given:

a. Sold 100,000 shares of the common stock in an initial public offering at $12 cash per share.

b. Repurchased 20,000 shares of the previously issued shares at $15 cash per share.

c. Resold 5,000 of the shares of the treasury stock at $18 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.)