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Finishing Touches has two classes of stock authorized: 9%, $10 par proferred, and Si par value common. The following transactions affect stockholders' equity during 2021,
Finishing Touches has two classes of stock authorized: 9%, $10 par proferred, and Si par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Tue 100,000 shares of common stock for $19 per share. February 6 1.400 shares of 9 preferred stock for $11 per share. September 20 Purchases 11.000 shares of its own common stock for $24 per share. December 15 Revelle 3.500 shares of treasury stock at $29 per share. In its first year of operations, Finishing Touches has net income of $144,000 and pays dividends at the end of the year of $94,500 ($1 per share on all common shares outstanding and $1.260 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: Additional paid-n capital Additional paid.in capital Additional paid in capital Additional paid in capital Total paid in capital Preferred stock Common stock Dividends Total stockholders' equity $ D
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