Check my A company has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during Year 1, Its first year of operations: 2 Insues 100,000 shares of common stock for $30 per share. January February 6 Issues 2,500 shares of 78 preferred atock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $35 per share. December 15 Resells 6,000 ahares of treasury stock at $40 per share. In its first year of operations, the company has net income of $155,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,750 on all preferred shares outstanding. aces Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be Indicated by a minus sign.) Balance Sheet (Stockholders' Equity Section) December 31, Year 1 Stockholders' equity: Common stock Preferred stock 94,000 25,000 Total paid-in capital 119,000 Retained earnings Treasury stock share) on all common shares outstanding and $1,750 on all Required: Prepare the stockholders' equity section of the balance she should be indicated by a minus sign.) Balance Sheet (Stockholders' Equity Section) December 31, Year 1 Stockholders' equity: Common stock 94,000 Preferred stock 25,000 Total paid-in capital 119,000 Retained earnings Treasury stock Total stockholders' equity 119,000 %24 %24