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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 $20 per share. February 6 Issues 1,500 shares of 88 preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $25 per share. December 15 Resells 5,000 shares of treasury stock at $30 per share. In its first year of operations, Finishing Touches has net income of $145,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $1,200 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: Preferred stock s Common stock Additional paid in capital 15,000 100,000 115,000 48.800 Total paid in capital Retained earnings Treasury stock (125.000) 38.800 Total stockholders' equity Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 51.000 additional shares of $1 par value common stock for $48 per share. May 10 Purchases 4,600 shares of treasury stock for $51 per share. June 1 Declares a cash dividend of $1.30 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,300 shares of treasury stock purchased on May 10 for $56 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $4,100,000; and Retained Earings, $1,600,000. Net Income for the year ended December 31, 2021, is $560,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) + POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Common Stock Additional Paid-in Capital Total Pald-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity