Stockholders' Equity

Paid$-$in capital:

Preferred stock, $7\%,$ $$12$ par, $65,000$ shares authorized, none issued $$0$

Common stock, $$1$ par, $150,000$ shares authorized,

$8,000$ shares issued and outstanding $8,000$

Paid$-$in capital in excess of par$$common $33,000$

Total paid$-$in capital $$41,000$

Retained earnings $($deficit$)1,000$

Total stockholders' equity $$42,000$ were the first year operations profitable