Schmidt’s Deli, Inc., has a charter authorizing it to issue 40,000 shares of $ 20 par-value preferred 8 percent stock and 80,000 shares of no-par-value common stock ( stated value $ 10). The following account balances are from the Balance Sheet columns of the work sheet:
Retained Earnings (debit balance) ........... $ 86,700
Common Stock Subscribed (16,000 shares) ........ 160,000
Common Stock ................... 350,000
Preferred 8 Percent Stock ............... 320,000
Paid- in Capital in Excess of Stated Value ........ 87,500
Prepare the Stockholders’ Equity section of the balance sheet.