Exercise 10-7 Prepare the stockholders equity section (LO7)

Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations:

January	2	Issues 100,000 shares of common stock for $24 per share.
February	6	Issues 1,900 shares of 7% preferred stock for $13 per share.
September	10	Repurchases 12,000 shares of its own common stock for $29 per share.
December	15	Reissues 6,000 shares of treasury stock at $34 per share.

In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding.

Required:

Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2015.