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Exercise 11-14 (Algo) 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 1600 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) DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total stockholders' equity