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 Issues 100,000 shares of common stock for $25 per share. February 6 Issues 2,000 shares of 88 preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $30 per share. December 15 Resells 5,000 shares of treasury stock at $35 per share. In its first year of operations, Finishing Touches has net income of $150,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $1,600 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: Common stock 100,000 Preferred stock 20,000 Additional paid-in capital 2,400,000 Additional paid-in capital 4,000 2,524,000 Total paid-in capital Retained earnings Additional paid-in capital Treasury stock 100 63,100 3,623,600 220,000 000