Marvin's Shrimp Restaurant Incorporated as a New Business on January

Marvin's Shrimp Restaurant incorporated as a new business on January 1,2017.The company is authorized to issue 40,000 shares of $1 par value common stock and 10,000 shares of 4%,$5 par value,cumulative,participating preferred stock.On January 1,2017,the company issued 15,000 shares of common stock for $8 per share.Net income for the year ended December 31,2017,was $115,000.Cash dividends in the amount of $30,000 were declared,but only $25,000 were paid as of year-end.Prepare the Stockholders' Equity section of the balance sheet for Marvin's Shrimp Restaurant at December 31,2017.