A company has two classes of stock authorized 8%, $10 par preferred, and $1 par value common The following transactions affect 5 stockholders' equity during Year 1. its first year of operations January 2 Issues 100,000 shares of common stock for $25 per share. February 6 Issues 2, eee shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $30 per share. December 15 Resells 5,000 shares of treasury stock at $35 per share. 09 In its first year of operations, the company has net income of $150,000 and pays dividends at the end of the year of $95,000 ($1 pe share) on all common shares outstanding and $1,600 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31. Year 1 (Amounts to be deducte should be indicated by a minus sign.) Balance Sheet (Stockholders'Equity Section) December 31, Year 1 Stockholders' equity: 5 Required Prepare the stocolder equy section of the balance sheet for the company as of December 31 should be indicated by a minus sign) Matances Stock Equity Section December Yeart Stockholdes equity Top Total sockholders equity O D E 91 2 o P K L B N AM Prisc Ctrl