velue: 2.00 points Shelby Corporation was organized in January to operate an air-conditioning sales and service business The charter issued by the state authorized the following capital stock Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed a. Collected $576,000 cash and issued 24,000 shares of common stock. b. Issued 17,000 shares of preferred stock at $34 per share; collected in cash Net income for the year was $54,000; cash dividends declared and paid at year-end were $11,000 Required: Prepare the stockholders' equity section of the balance sheet at December 31 SHELBY CORPORATION Balance Sheet (Partial) At D r 31 Stockholders Equity Contributed Capital: Total Contributed Capital Total Stockholders Equity MacBoolk