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

• Issued 4,400 shares of $2 par value common stock for $22. It authorized 20,000 shares.
• Issued 1,100 shares of 12%, $10 par value preferred stock for $27. It authorized 3,000 shares.
• Reacquired 220 shares of common stock for $34 each.
• Retained earnings is impacted by reported net income of $54,000 and cash dividends of $17,000.

Prepare the stockholders equity section of Dracos balance sheet as of December 31.

In Draco Corporation's first year of business, the following transactions affected its equity accounts. Issued 4,400 shares of $2 par value common stock for $22. It authorized 20,000 shares. Issued 1,100 shares of 12%, $10 par value preferred stock for $27. It authorized 3,000 shares. Reacquired 220 shares of common stock for $34 each. Retained earnings is impacted by reported net income of $54,000 and cash dividends of $17,000. . 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 Paid-in capital in excess of par value, common stock Paid-in capital in excess of par value, preferred stock Total stockholders' equity 0