January 2 Issues 100,000 shares of common stock for $15 per share. February 6 Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share. December 15 Resells 6,000 shares of treasury stock at $25 per share. In its first year of operations, the company has net income of $140,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $700 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. Balance Sheet (Stockholders' Equity Section) December 31, Year 1 Stockholders' equity: Preferred stock $ 17,000 X Common stock 100,000 Additional paid-in capital 2,129,200 X Total paid-in capital Retained earnings Dividends Treasury stock Total stockholders' equity X 2,246,200 50,970 X 2.297,170 X (148,500) 4,445,840 $