Quick Fix-it Corporation was organized in January 2014 to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following capital stock:  

Common stock, $10 par value, 98,000 shares

  

Preferred stock, $50 par value, 8 percent, 59,000 shares

  

During January and February 2014, the following stock transactions were completed:

  

    a. Sold 78,000 shares of common stock at $20 per share and collected cash.

  

    b. Sold 20,000 shares of preferred stock at $80 per share; collected the cash and immediately issued the stock.  

    c. Bought 4,000 shares of common stock from a current stockholder for $20 per share.

  

    Required:  

  

Net income for 2014 was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.