Rainey Inc. was organized on June 5, 2007. It was authorized to issue 400,000 shares of \($10\) par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of \($25\) per share. The following stock transactions pertain to Rainey Inc.:

1. Issued 20,000 shares of common stock for \($15\) per share.

2. Issued 10,000 shares of the class A preferred stock for \($30\) per share.

3. Issued 50,000 shares of common stock for \($18\) per share.

Required:
Prepare the stockholders’ equity section of the balance sheet immediately after these transactions have been recognized..