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Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and S1 par...

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Accounting

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Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and S1 par value common. The following transactions affect stockholders' equity during 2018. its first year of operations January 2 Issues 100,000 shares of common stock for $22 per share February 6 Issues 1700 shares of 9% preferred stock for $11 per share September 10 Purchases 11,000 shares of its own common stock for $27 per share December 15 Reissues 5,500 shares of treasury stock at $32 per share. In its first year of operations, Finishing Touches has net income of $147,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $1,530 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) FINISHING TOUCHES Balance Sheet Stockholders Equity Section) December 31, 2018 Stockholders' equity Preferred stock Additional paid in capital (Common stock Total pald-in capital Retained earnings Treasury stock Total stockholders' equity $

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