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 7,200 shares of $2 par value common stock for $50. It authorized 20,000 shares Issued 1800 shares of 12%, $10 par value preferred stock for $55. It authorized 3.000 shares. Reacquired 360 shares of common stock for $62 each. Retained earnings is impacted by reported net income of $82,000 and cash dividends of $31,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.) DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total stockholders equity