Additional information:1. Bonds payable mature on December 31 2022. They carry a

Additional information:1. Bonds payable mature on December 31 2022. They carry a 12% interest rate payable semiannually. The premium is being amortized using the straight-line method.2. The 7.5% preferred stock is cumulative and convertible into three shares of common stock. It has a par value of $100 per share 20000 shares are authorized 4000 shares are issued and outstanding 1000 shares have been subscribed at $125 per share.3. Common stock has a par value of $5 per share 100000 shares are authorized 30000 shares are issued and outstanding 2000 shares have been subscribed at $41 per share.RequiredPrepare the contributed capital section of the December 31 2007 balance sheet for the Clett Corporation. Include appropriate parenthetical notes for the common and preferred stock.