Finishing Touches has two classes of stock authorized: 8%, $12 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2012, its first year of operations:
- January 2 Issues 100,000 shares of common stock for $37 per share.
- February 6 Issues 2,700 shares of 8% preferred stock for $18 per share.
- September 10 Repurchases 11,000 shares of its own common stock for $35 per share.
- December 15 Reissues 6,400 shares of treasury stock at $46 per share.
In its first year of operations, Finishing Touches has income of $168,000 and pays dividends at the end of the year of $95,400 ($1 per share) on all common shares outstanding and $2,592 on all preferred shares outstanding.
Required:
Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2012.