Prepare stockholders equity section of draco balance sheet

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Reference no: EM132971395

Question - In Draco Corporation's first year of business, the following transactions affected its equity accounts.

Issued 7,000 shares of $2 par value common stock for $48. It authorized 20,000 shares.

Issued 1,750 shares of 12%, $10 par value preferred stock for $53. It authorized 3,000 shares.

Reacquired 350 shares of common stock for $60 each.

Retained earnings is impacted by reported net income of $80,000 and cash dividends of $30,000.

Prepare the stockholders' equity section of Draco's balance sheet as of December 31.

Reference no: EM132971395

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