In Draco Corporations first year of business, the following transactions affected its equity accounts. Issued 6,600 shares of $2 par value common stock for $44. It authorized 20,000 shares. Issued 1,650 shares of 12%, $10 par value preferred stock for $49. It authorized 3,000 shares. Reacquired 330 shares of common stock for $56 each. Retained earnings is impacted by reported net income of $76,000 and cash dividends of $28,000. Prepare the stockholders equity section of Dracos balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.)

Exercise 13-13 Preparing stockholders' equity section LO P1, C2, P3, C3 In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 6,600 shares of $2 par value common stock for $44. It authorized 20,000 shares. Issued 1,650 shares of 12%, $10 par value preferred stock for $49. It authorized 3,000 shares. . Reacquired 330 shares of common stock for $56 each. Retained earnings is impacted by reported net income of $76,000 and cash dividends of $28,000. 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.) 13,200 DRACO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock-$2 par value $ Paid-in capital in excess of par value, common stock Preferred stock-$10 par value Paid-in capital in excess of par value, preferred stock Paid-in capital, treasury stock Less: Cost of treasury stock Total stockholders' equity $ 13,200