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In Draco Corporations first year of business, the following transactions affected its equity accounts.
- Issued 4,000 shares of $2 par value common stock for $18. It authorized 20,000 shares.
- Issued 1,000 shares of 12%, $10 par value preferred stock for $23. It authorized 3,000 shares.
- Reacquired 200 shares of common stock for $30 each.
- Retained earnings is impacted by reported net income of $50,000 and cash dividends of $15,000.
Prepare the stockholders equity section of Dracos balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.)
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