The Quick chips company, a fast food manufacturer, began operations in January 2007. It issued 50,000 shares of $.25 par value common stock. The stock sold for $20 per share. There are 600,000 shares authorized. In 2009 the company repurchased 15,000 shares of stock at a cost of $26 per share. Quick Chips' net income and cash dividend payments have been as follows:
Year Net Income Dividends
2007 (100,000) 0
2008 250,000 75,000
2009 400,000 150,000
Draft the stockholder's equity section of Quick Chip's balance sheet for the years ended December 31, 2008 and 2009.