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Finishing Touches has two classes of stock authorized: 8%, $8 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2012, its first year of operations:

January 2 Issues 120,000 shares of common stock for $30 per share.
February 6 Issues 2,600 shares of 8% preferred stock for $25 per share.
September 10 Repurchases 10,500 shares of its own common stock for $37 per share.
December 15 Reissues 5,600 shares of treasury stock at $46 per share.

In its first year of operations, Finishing Touches has income of $154,000 and pays dividends at the end of the year of $115,100 ($1 per share) on all common shares outstanding and $1,664 on all preferred shares outstanding.


Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2012. (Amounts to be deducted should be indicated with a minus sign. Omit the "tiny_mce_markerquot; sign in your response.)


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  • Reference No.:- M939814

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