Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $30 per share. February 6 Issues 2,500 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $35 per share. December 15 Resells 6,000 shares of treasury stock at $40 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Debit Credit 1 2,400,000 Date General Journal January 02, 2021 Cash Common Stock Additional Paid-in Capital 100,000 2,300,000 OOO OOO 2 24,700 X February 06, 2021 Cash Preferred Stock Additional Paid-in Capital 19.000 X 5,700 X 3 September 10, 202 Treasury Stock 348,000 X Cash 348,000 X OOO OO 4 204,000 X December 15, 202 Cash Treasury Stock Additional Paid-in Capital 174.000 x 30,000 Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $32 per share. February 6 Issues 2,700 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $37 per share. December 15 Resells 5,500 shares of treasury stock at $42 per share. In its first year of operations, Finishing Touches has net income of $157,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,430 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. FINISHING TOUCHES Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Preferred stock $ 25,000 X Common stock 100,000 Additional paid-in capital 2,937,500 X OOO Total paid-in capital Retained earnings Treasury stock 3,062,500 59,250 X (210,000) S