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 $35 per share.
February		6		Issues 3,000 shares of 8% preferred stock for $11 per share.
September		10		Purchases 11,000 shares of its own common stock for $40 per share.
December		15		Resells 5,500 shares of treasury stock at $45 per share.

In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,400 on all preferred shares outstanding. 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 ...... Total stockholders' equity