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 $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per share. In its first year of operations, Finishing Touches has net income of $159,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $2,320 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 29,000 ( Additional paid-in capital 5,800 Total paid-in capital 134,800 Retained earnings 61,680 ( Treasury stock 195,000 Total stockholders' equity S 391,480