In Draco Corporation's first year of business, the following transactions affected its equity accounts.
• Issued 7,600 shares of $2 par value common stock for $54. It authorized 20,000 shares.
• Issued 1,900 shares of 12%, $10 par value preferred stock for $59. It authorized 3,000 shares.
• Reacquired 380 shares of common stock for $66 each.
• Retained earnings is impacted by reported net income of $86,000 and cash dividends of $33,000.
Prepare the stockholders' equity section of Draco's balance sheet as of December 31.
Note: 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
$
0
