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Exercise 10-8(Algo) Prepare the stockholders' equity section (L010-7) For Feet's Sake has two...

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Accounting

Exercise 10-8(Algo) Prepare the stockholders' equity section (L010-7)
For Feet's Sake has two classes of stock authorized: 7%, $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 $30 per share.
February 6 Issues 2,500 shares of 7% preferred stock for $13 per share.
September 10 Purchases 12,000 shares of its own common stock for $35 per share.
December 15 Resells 6,000 shares of treasury stock at $40 per share.
In its first year of operations, For Feet's Sake has net income of $155,000 and pays dividends at the end of the year of $94,000( $1 per
share) on all common shares outstanding and $1,750 on all preferred shares outstanding.
Required:
Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31,2024.(Amounts to be deducted
should be indicated by a minus sign.)
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