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Check my Finishing Touches has two classes of stock authorized: 8% 510 par preferred, and...

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Accounting

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Check my Finishing Touches has two classes of stock authorized: 8% 510 par preferred, and Si par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Ingues 100,000 shares of common stock for $35 per share. February 6 Issue 3,000 shares of 8 preferred stock for $11 per sbare. September 20 Purchases 11,000 shares of its own common stock for $40 per share. December 15 Henella 5,500 shares of treasury stock at $45 per share. In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,400 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 Common stock $ Preferred stock Additional paid.in capital 100,000 33,000 Total paid in capital 133.000 Total stockholders' equity $ 133,000

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