Assignment 2 Winter 2021 Draft 3 Saved January 1 2021, Fascom had the following account balances in its shareholders' equity accounts. Corrmon stock, $1 par, 260,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 15,000 shares outstanding Retained earnings Treasury stock, at cost, 6,000 shares $ 260,000 520,000 150,000 1,500,000 3,000,000 30,000 During 2021, Fascom Inc had several transactions relating to common stock January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.0 per share, fair value $9.50 per share). February 17: Distributed the property dividend. April 10: A2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Duly 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021 Assume net income is $600,000 for 2021 (Negative amounts should be entered with a minus sign.) FASCOM Bollance Sheet (Partial) December 31, 2021 Shareholders' equity Total shareholders equity