In Draco Corporations first year of business, the following transactions affected its equity accounts.

• Issued 8,000 shares of $2 par value common stock for $58. It authorized 20,000 shares.
• Issued 2,000 shares of 12%, $10 par value preferred stock for $63. It authorized 3,000 shares.
• Reacquired 400 shares of common stock for $70 each.
• Retained earnings is impacted by reported net income of $90,000 and cash dividends of $35,000.

Prepare the stockholders equity section of Dracos balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.)

In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 8,000 shares of $2 par value common stock for $58. It authorized 20,000 shares. Issued 2,000 shares of 12%, $10 par value preferred stock for $63. It authorized 3,000 shares. Reacquired 400 shares of common stock for $70 each. Retained earnings is impacted by reported net income of $90,000 and cash dividends of $35,000. Prepare the stockholders' equity section of Draco's balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.) DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total stockholders' equity