Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations January 2 Ime 100.000 shares of common stock for $23 per share. February 6tssue 1,800 shares of Bi preferred stock for $12 per share. September 10 Purchases 10.000 shares of its own common stock for $28 per share. December 15 Resells 5,000 shares of treasury stock at 533 per share. In its first year of operations, Finishing Touches has net income of $148,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $1.440 on all preferred shares outstanding. FINISHING TOUCHES Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Preferred stock $ 18,000 Common stock 100,000 Additional paid-in capital 118,000 Total paid-in capital Retained earnings Treasury stock Total stockholders' equity $ 118,000