72 Redbud Company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2022, its first year of operations January 2 Issues 100,000 shares of common stock for $22 per share. February 6 Issues 1,700 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $27 per share. December 15 Resells 5,500 shares of treasury stock at $32 per share. In its first year of operations, Redbud Company has net income of $147,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $1,530 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for Redbud Company as of December 31, 2022 (Amounts to be deducted should be indicated by a minus sign.) (HINT: This problem will be easier if you record the entries for the transactions and use t-accounts to find the ending balances in the accounts. Remember that ending retained earnings beg. RE net income-dividends.] REDBUD COMPANY Balance Sheet December 31, 2022 (Stockholders' Equity Section) Stockholders' equity Preferred stock Common stock $ 17,000 100,000 Additional paid-in capital Total paid-in capital Retained earnings 117,000 50.970 Treasury stock Total stockholders' equity $ 167.970