10

In Draco Corporation's first year of business, the following transactions affected its equity accounts. - Issued 7,000 shares of $2 par value common stock for $48. It authorized 20,000 shares. - Issued 1,750 shares of 12%,$10 par value preferred stock for $53. It authorized 3,000 shares. - Reacquired 350 shares of common stock for $60 each. - Retained earnings is impacted by reported net income of $80,000 and cash dividends of $30,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.)