Ahrens Industries received a charter from the state of Maryland authorizing 500,000 shares of $10 par value common stock and 20,000 shares of $50 par value preferred stock. Selected accounts from the general ledger of Ahrens Industries are listed below. All accounts have normal balances. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2011.

Common stock $40,000

Paid-in capital in excess of par value-common 60,000

Cash 40,000

Preferred stock 100,000

Accounts payable 35,000

Land 50,000

Equipment 75,000

Retained earnings 75,000

You will have to find the shares of common and preferred stock, and those should be listed on the statement, along with par value, etc.

This statement must use the proper form, including dollar signs, underlines, etc.