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In Draco Corporations first year of business, the following transactions affected its equity accounts. ...

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Accounting

In Draco Corporations first year of business, the following transactions affected its equity accounts.
Issued 6,200 shares of $2 par value common stock for $40. It authorized 20,000 shares.
Issued 1,550 shares of 12%, $10 par value preferred stock for $45. It authorized 3,000 shares.
Reacquired 310 shares of common stock for $52 each.
Retained earnings is impacted by reported net income of $72,000 and cash dividends of $26,000.
Prepare the stockholders equity section of Dracos balance sheet as of December 31.
Note: Amounts to be deducted should be indicated by a minus sign.

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