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  1. business
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  3. in draco corporation's first year of business, the

In Draco Corporation's first year of business, the following transactions affected its equity accounts. -...

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Accounting

image In Draco Corporation's first year of business, the following transactions affected its equity accounts. - Issued 7,800 shares of \$2 par value common stock for $56. It authorized 20,000 shares. - Issued 1,950 shares of 12\%, \$10 par value preferred stock for $61. It authorized 3,000 shares. - Reacquired 390 shares of common stock for $68 each. - Retained earnings is impacted by reported net income of $88,000 and cash dividends of $34,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. Note: Amounts to be deducted should be indicated by a minus sign

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