In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 4,800...

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In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 4,800 shares of $2 par value common stock for $26. It authorized 20,000 shares. Issued 1,200 shares of 12%, $10 par value preferred stock for $31. It authorized 3,000 shares. Reacquired 240 shares of common stock for $38 each. Retained earnings is impacted by reported net income of $58,000 and cash dividends of $19,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. Note: 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 $ 0 In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 4,800 shares of $2 par value common stock for $26. It authorized 20,000 shares. Issued 1,200 shares of 12%, $10 par value preferred stock for $31. It authorized 3,000 shares. Reacquired 240 shares of common stock for $38 each. Retained earnings is impacted by reported net income of $58,000 and cash dividends of $19,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. Note: 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 $ 0