7 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 $27 per share. February 6 Issues 2,200 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $32 per share. December 15 Resells 6,000 shares of treasury stock at $37 per share. 10/11.11 points awarded Scored In its first year of operations, Finishing Touches has net income of $152,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,540 on all preferred shares outstanding. eBook Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Hint FINISHING TOUCHES 7 Balance Sheet 10/11.11 points awarded (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Common stock $ 100,000 Preferred stock 22,000 Additional paid-in capital 2,606,600 X Additional paid-in capital 30,000 Total paid-in capital 2,758,600 Retained earnings 56,460 Treasury stock (192,000) Scored eBook Hint References Total stockholders' equity $ 2,623,060 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted