Finishing Touches has two classes of stock authorized: 9 %, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, Its first year of operations: 2 Issues 100,000 shares of common stock for $32 per share January February 6 Issues 2,700 shares of 9 % preferred stock for $11 per share September 10 Purchases 11,000 shares of its own common stock for $37 per share December 15 Resells 5,500 shares of treasury stock at $42 per share. In its first year of operations, Finishing Touches has net income of $157,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,430 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 100,000 Preferred stock 27,000 Additional paid-in capital Total paid-in capital 127,000 Retained earnings Total stockholders' equity 127,000