b. Prepare the stockholders' equity section of the balance sheet at the end of Year 1 BRICE COMPANY Balance Sheet (partial) December 31, Year 1 Stockholders' equity Total paid-in capital 0 + Total stockholders' equity $ 0 Required information The following information applies to the questions displayed below) Brice Co. completed the following transactions in Year 1, the first year of operation 1. Issued 49,000 shares of no par common stock for $10 per share 2 Issued 8,900 shares of $20 par , 5 percent, preferred stock for $20 per share 3. Paid a cash dividend of $8,900 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $12 per share 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $50 per share. 6. Produced $172,000 of cash revenues and incurred $81,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings