Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations:...

Extracted text: Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $28 per share. February September 10 Purchases 10,000 shares of its own common stock for $33 per share. December 15 Resells 5,000 shares of treasury stock at $38 per share. 6 Issues 2,300 shares of 8% preferred stock for $12 per share. In its first year of operations, Finishing Touches has net income of $153,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $1,840 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) FINISHING TOUCHES Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Total paid-in capital 0. Total stockholders' equity %24