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Exercise 10-7B Prepare the stockholders' equity section (LO10-7) A company has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during Year 1, its first year of operations: January 2 Issues 1ee,eee shares of common stock for $25 per share. February 6 Issues 2,800 shares of a preferred stock for $12 per share. September 1e Purchases 10,000 shares of its own common stock for $30 per share. December 15 Resells 5,eee shares of treasury stock at $35 per share. In its first year of operations, the company has net income of $150,000 and pays dividends at the end of the year of $95,000 (51 per m share) on all common shares outstanding and $1600 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet (Stockholders' Equity Section) December 31, Year 1 Stockholders' equity: Preferred stock Common stock Additional paid in capital $ 20,000 100,000 120.000 Total paid-in capital Retained earings Treasury stock Total stockholders' equity $ 120.000