Question

Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations:
January 2 Issues 100,000 shares of common stock for $30 per share.
February 6 Issues 2,500 shares of 7% preferred stock for $13 per share.
September 10 Purchases 12,000 shares of its own common stock for $35 per share.
December 15 Resells 6,000 shares of treasury stock at $40 per share.
In its first year of operations, Finishing Touches has net income of $155,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,750 on all preferred shares outstanding.
Required:
Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021.

Answer 1

Answer:

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Explanation:

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