Exercise 10-7B Prepare the stockholders' equity section (L010-7) A company has two classes of stock authorized 9%, $10 par preferred, and S1 par value common. The following transactions affect stockholders' equity during Year 1, its first year of operations January 2 Issues 100,000 shares of common stock for $16 per share. February 6 Issues 1.100 shares of 9% preferred stock for $11 per share. September 10. Purchases 11,000 shares of its own common stock for $21 per share. December 15 Resells 5,500 shares of treasury stock at $26 per share. In its first year of operations, the company has net income of $141,000 and pays dividends at the end of the year of $94.500 ($1 per share) on all common shares outstanding and $990 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 deducted should be indicated by a minus sign.) Balance Sheet (Stockholders'Equity Section) December 31, Year 1 Stockholders' equity Total pald-in capital Total stockholders equity $