Skyhawk Corporation received its charter during January 2003. The charter authorized the following capital stock:

Preferred stock: 8 percent, par $10, authorized 20,000 shares.

Common stock: par $8, authorized 50,000 shares.

During 2003, the following transactions occurred in the order given:

a. Issued a total of 40,000 shares of the common stock to the four organizers at $1 1 per share.

b. Sold 5,000 shares of the preferred stock at $ 1 8 per share.

c. Sold 3,000 shares of the common stock at S 1 4 per share and 1 .000 shares of the preferred stock at $28.

d. Net income for the year was $48,000.
Required:
Prepare the stockholders* equity section of the balance sheet at December 31. 2003.