Exercise 11-13 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 5,600 shares of $2 par value common stock for $34. It authorized 20,000 shares. Issued 1,400 shares of 12%, $10 par value preferred stock for $39. It authorized 3,000 shares. Reacquired 280 shares of common stock for $46 each. Retalned earnings is Impacted by reported net income of $66,000 and cash dividends of $23,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be Indicated by a mlnus sign.) DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Preferred stock-$10 par value 14,000 Paid-in capital in excess of par value, preferred stock Common stock-$2 par value 11,200 Paid-in capital in excess of par value, common stock Retained earnings 179,200 43,000 Less: Cost of treasury stock Total stockholders' equity 247,400