13. (7 points) Finch Company has two classes of capital stock outstanding: 8%, $20 par value preferred AND $5 par value common. At 12-31-17, Finch reported the following in its stockholders equity accounts:

Preferred Stock, 150,000 shares $3,000,000

Common Stock, 2,000,000 shares 10,000,000

Paid-in Capital in excess of par preferred 200,000

Paid-in Capital in excess of par common 27,000,000

Retained earnings 4,500,000

The following transactions affected Finchs stockholders equity during 2018:

January 1: issued 30,000 shares of preferred at $22 per share

February 1: issued 50,000 shares of common stock at $20 per share

June 1: issued a 2-for-1 common stock split (par value reduced to $2.50)

July 1: purchased 30,000 shares of its common stock at $10 per share; Finch uses the cost method and this was Finchs first treasury stock transaction

September 15: reissued 10,000 shares of treasury stock at $11 per share

December 31: declared the preferred stock dividend AND a common stock dividend of $0.50 per share

December 31: determined 2018s net income was $2,100,000

Prepared Finchs stockholders equity section of a balance sheet as of 12-31-18.