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Exercise 11-14 (Algo) Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's...

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Exercise 11-14 (Algo) Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 4,600 shares of $2 par value common stock for $24. It authorized 20,000 shares. Issued 1,150 shares of 12%, $10 par value preferred stock for $29. It authorized 3,000 shares. Reacquired 230 shares of common stock for $36 each. Retained earnings is impacted by reported net income of $56,000 and cash dividends of $18,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.) . . DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total stockholders' equity $ 0

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