Mulkilteo Company obtained a charter from the state in January of this year. The charter authorized 1,000,000 shares of common stock with a $5 par value. During the year, the company earned $429,000. Also during the year, the following selected transactions occurred in the order given:
a. Sold 700,000 shares of the common stock for $54 per share.
b. Repurchased 25,000 shares for $50 per share.

Required:
Prepare the stockholders’ equity section of the balance sheet at the end of the year.