During January and February, the following stock transactions were completed: a. Collected $441,000 cash and issued...

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During January and February, the following stock transactions were completed: a. Collected $441,000 cash and issued 21,000 shares of common stock. b. Issued 15,500 shares of preferred stock at $31 per share; collected in cash. Net income for the year was $51,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) Contributed Capital: Common Stock At December 31 Stockholders' Equity $ 21,000 155,000 Preferred Stock Additional Paid-In Capital, Preferred Stock Additional Paid-In Capital, Common Stock Total Contributed Capital Retained Earnings Total Stockholders' Equity 191,500 $ 191,500 During January and February, the following stock transactions were completed: a. Collected $441,000 cash and issued 21,000 shares of common stock. b. Issued 15,500 shares of preferred stock at $31 per share; collected in cash. Net income for the year was $51,000; cash dividends declared and paid at year-end were $11,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. SHELBY CORPORATION Balance Sheet (Partial) Contributed Capital: Common Stock At December 31 Stockholders' Equity $ 21,000 155,000 Preferred Stock Additional Paid-In Capital, Preferred Stock Additional Paid-In Capital, Common Stock Total Contributed Capital Retained Earnings Total Stockholders' Equity 191,500 $ 191,500