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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,

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 $15 per share.

February 6 Issues 1,000 shares of 7% preferred stock for $13 per share.

September 10 Purchases 12,000 shares of its own common stock for $20 per share.

December 15 Resells 6,000 shares of treasury stock at $25 per share. In its first year of operations, Finishing Touches has net income of $140,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $700 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.)

FINISHING TOUCHES
Balance Sheet
(Stockholders Equity Section)
December 31, 2021
Stockholders equity:
Total paid-in capital 0
Total stockholders equity $0

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