Crea ing a stockholder’s equity section ofthe balance sheet:

Ange s, lnc. was authorized to issue 1,000,000 shares of common stock with a par value of $1 per share.

On J nuary 1, 2011, they sold 500,000 shares for $10 a share.

They were also authorized to issue 200,000 shares of 7% preferred stock with a par value of $100. On

Janu 1,2011, they sold 100,000 shares of preferred stock for $100 a share.

Duri g 2011, they had net income of $1,000,000 and paid $700,000 out in dividends. At December 31,

2011: the common stock was trading for $11 a share and the preferred stock was trading for $101 a share.

Pleas prepare the stockholders’ equity section of the balance sheet. (Some of the above information is

relev: nt to this task and some is not.)