Check my work 9 Exercise 10-7A Prepare the stockholders' equity section (L010-7) 3 points eBook References Finishing Touches has two classes of stock authorized: 9%, S10 par preferred, and S1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations January 2 Issue 100,000 shares of common stock for $32 per share. February 6 Issue 2,700 shares of 98 preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $37 per share. December 15 Resells 5,500 shares of treasury stock at $42 per share. In its first year of operations, Finishing Touches has net income of $157,000 and pays dividends at the end of the year of $94,500 (51 per share) on all common shares outstanding and $2,430 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! Preferred stock $ Common stock Additional paid in capital 27.000 100,000 Total paid in capital 127,000 Check my work In its first year of operations, Finishing Touches has net income of $157,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,430 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.) in FINISHING TOUCHES Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Preferred stock $ Common stock Additional paid in capital 27,000 100,000 Total paid in capital 127,000 Treasury stock Retained earnings Total stockholders' equity S 127.000