Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations:
| January |
2 |
Issues 100,000 shares of common stock for $35 per share. |
| February |
6 |
Issues 3,000 shares of 8% preferred stock for $11 per share. |
| September |
10 |
Repurchases 11,000 shares of its own common stock for $40 per share. |
| December |
15 |
Reissues 5,500 shares of treasury stock at $45 per share. |
In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,400 on all preferred shares outstanding. Fill in the blanks
Required:
Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)