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Maria Martinez organized Manhattan Transport Company in January 2021. The corporation immediately issued at $8...

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Accounting

Maria Martinez organized Manhattan Transport Company in January 2021. The corporation immediately issued at $8 per share one-
half of its 200,000 authorized shares of $2 par value common stock. On January 2,2022, the corporation sold at par value the entire
5,000 authorized shares of 8 percent, $100 par value cumulative preferred stock. On January 2,2023, the company again needed
capital and issued 5,000 shares of an authorized 10,000 shares of no-par cumulative preferred stock for a total of $512,000. The no-
par shares have a stated dividend of $9 per share.
The company declared no dividends in 2021 and 2022. At the end of 2022, its retained earnings were $170,000. During 2023 and
2024 combined, the company earned a total of $890,000. Dividends of 50 cents per share in 2023 and $1.60 per share in 2024 were
paid on the common stock.
Required:
a. Prepare the stockholders' equity section of the balance sheet at December 31,2024.
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