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: 23 January 2 Issues 100,000 shares of common stock for $23 per share. Yebruary 6 Issues 1,800 shares of 8 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 $33 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, 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: Common stock $ Preferred stock Additional paid in capital 100,000 21,600 121,600 Total paid in capital Retained earnings Treasury stock Total stockholders equity $ 121,600