Shelby Corporation was organized in January to operate an airconditioning sales and service business. The charter issued by the state authorized the following capital stock:
Common stock, $ par value, shares.
Preferred stock, $ par value, percent, shares.
During January and February, the following stock transactions were completed:
Collected $ cash and issued shares of common stock.
Issued shares of preferred stock at $ per share; collected in cash.
Net income for the year was $; cash dividends declared and paid at yearend were $
Required:
Prepare the stockholders equity section of the balance sheet at December
