Exercise 10 8 (Algo) Prepare the stockholders' equity section (LO10 7) For Feet's Sake has two classes of stock authorized 8 , $10 par preferred, and $1 par value common The following transactions affect stockholders' equity during 2024, its first year of operations January 2 Issues 100,000 shares of common stock for $17 per share February 6 Issues 1,200 shares of 8 preferred stock for $12 per share September 10 Purchases 10,000 shares of its own common stock for $22 per share December 15 Resells 5,000 shares of treasury stock at $27 per share In its first year of operations, For Feet's Sake has net income of $142,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $960 on all preferred shares outstanding Required Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31, 2024 (Amounts to be deducted should be indicated by a minus sign )

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Exercise 10-8 (Algo) Prepare the stockholders' equity section (LO10-7) For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par

Exercise 10-8 (Algo) Prepare the stockholders' equity section (LO10-7)

For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations:

January 2	Issues 100,000 shares of common stock for $17 per share.
February 6	Issues 1,200 shares of 8% preferred stock for $12 per share.
September 10	Purchases 10,000 shares of its own common stock for $22 per share.
December 15	Resells 5,000 shares of treasury stock at $27 per share.

In its first year of operations, For Feet's Sake has net income of $142,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $960 on all preferred shares outstanding.

Required:

Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)