The following transactions occurred during the first year of operations in the order given: issued a total of 39,000 shares of the common stock for $16 per share. issued 12,000 shares of the preferred stock at $17 per share. issued 2,900 shares of the common stock at $21 per share and 1,200 shares of the preferred stock at $17. net income for the first year was $47,000, but no dividends were declared. required: prepare the stockholders’ equity section of the balance sheet at december 31.