Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,600, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 54,000 shares of the common stock at $11 cash per share. b. Reacquired 1,400 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 700 of the shares in transaction (b) two months later at $17 cash per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock Charitable Contributions Payable $ 540,000 56,100 Total Contributed Capital Retained Earnings 596,100 37,600 Total Less: Treasury Stock, at Cost Total Stockholders' Equity 633,700 (9,800) 623,900 $