The Golden Mushroom has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 February 6 Issues 100,000 shares of common stock for $22 per share. Issues 1,700 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $27 per share. December 15 Resells 5,500 shares of treasury stock at $32 per share. In its first year of operations, The Golden Mushroom has net income of $147,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $1,530 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for The Golden Mushroom as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. THE GOLDEN MUSHROOM Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Common stock $ 100,000 Preferred stock 17,000 Additional paid-in capital 2,101,700x Additional paid-in capital 27,500 x Total paid-in capital 2,246,200 Retained earnings Treasury stock Total stockholders' equity 52,500 (148,500) 69 2,150,200