Rainoy, Inc., was organized on June 5, 2012. It was authorized to issue 390,000 shares of $9 par common stock and 75,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Rainoy, Inc.
1. Issued 16,000 shares of common stock for $13 per share.
2. Issued 14,000 shares of the class A preferred stock for $27 per share.
3. Issued 47,000 shares of common stock for $17 per share.
Required:
Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.