Shelby Corporation was organized in January 2010 by 10 stockholders to operate an air conditioning sales and service business. The…

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Shelby Corporation was organized in January 2010 by 10 stockholders to operate an air conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $5 par value, 173,000 shares. Preferred stock, $14 par value, 8 percent, 41,000 shares. During January and February 2010, the following stock transactions were completed: a. Collected $398,000 cash from each of the 10 organizers and issued 2,500 shares of common stock to each of them. b. Issued 13,500 shares of preferred stock at $25 per share; collected in cash. Net income for 2010 was $37,500; cash dividends declared and paid at year-end were $14,200. Prepare the stockholders’ equity section of the balance sheet at December 31, 2010
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