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The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per share. In its first year of operations, The Golden Mushroom has net income of $159,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $2,320 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for The Golden Mushroom as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)

THE GOLDEN MUSHROOM
Balance Sheet
(Stockholders Equity Section)
December 31, 2024
Stockholders equity:
Preferred stock
Common stock
Additional paid-in capital
Total paid-in capital	0
Retained earnings
Treasury stock
Total stockholders equity	$0

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