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Saved Help Save & Exi Check Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: 0.93 points Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. eBook Hint During January and February, the following stock transactions were completed: Print a. Collected $400,000 cash and issued 20,000 shares of common stock. Referencesb. Issued 15,000 shares of preferred stock at $30 per share; collected in cash. Net income for the year was $50,000; cash dividends declared and paid at year-end were $10,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31 SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Net income for the year was $50,000; cash dividends declared and paid at year-end were $10,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. 0.93 points Answer Is not complete. SHELBY CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Preferred Stock Additional Paid-in Capital, Common Stock Common Stock Additional Paid-in Capital, Preferred Stock Total Contributed Capital 0 Retained Earnings 50,000 Total Stockholders' Equity $ 50,000