Exercise 13-13 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 6,400 shares of $2 par value common stock for $42. It authorized 20,000 shares. Issued 1,600 shares of 12%, $10 par value preferred stock for $47. It authorized 3,000 shares. Reacquired 320 shares of common stock for $54 each. Retained earnings is impacted by reported net income of $74,000 and cash dividends of $27,000. 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.) Answer is not complete. DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock-$2 par value $ Pald-in capital in excess of par value, common stock Preferred stock-$10 par value Paid-in capital in excess of par value, preferred stock Retained earnings Less: Cost of treasury stock Total stockholders' equity $ 12,800 268,800 13,000 41,000 10,920 346,520