Exercise $11-14($Algo$)$ Preparing stockholders$$ equity section LO P$1,$ C$2,$ P$3,$ C$3$

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

Issued $6,200$ shares of $$2$ par value common stock for $$40.$ It authorized $20,000$ shares.

Issued $1,550$ shares of $12\%,$ $$10$ par value preferred stock for $$45.$ It authorized $3,000$ shares.

Reacquired $310$ shares of common stock for $$52$ each.

Retained earnings is impacted by reported net income of $$72,000$ and cash dividends of $$26,000.$

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.