Yeager Corporation was organized in January 2011. During 2011, Yeager engaged in the following stockholders’ equity activities:
a. Secured approval for a corporate charter that authorizes Yeager to sell 600,000, $8 par common shares and 30,000, $50 par preferred shares
b. Sold 80,000 of the common shares for $13 per share
c. Sold 2,500 of the preferred shares for $57 per share
d. Repurchased 500 shares of the common stock at a cost of $15 per share
e. Earned net income of $48,000
f. Paid dividends of $5,000
Prepare the stockholders’ equity portion of Yeager’s balance sheet as of December 31, 2011.