Business, 21.12.2019 05:31 keishonnawimbush

Finishing touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. the following transactions affect stockholders' equity during 2021, its first year of operations: january 2 issues 100,000 shares of common stock for $29 per share. february 6 issues 2,400 shares of 9% preferred stock for $11 per share. september 10 purchases 11,000 shares of its own common stock for $34 per share. december 15 resells 5,500 shares of treasury stock at $39 per share. in its first year of operations, finishing touches has net income of $154,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,160 on all preferred shares outstanding.

required:

prepare the stockholders' equity section of the balance sheet for finishing touches as of december 31, 2021.

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Finishing touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value comm...

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