Frontier, Inc., had the following stockholders’ equity on November 30:

Stockholders’ Equity

Paid-in Capital:

Common Stock, $4 par, 500,000 shares authorized,

90,000 shares issued and outstanding......... $ 360,000

Paid-in Capital in Excess of Par.......... 450,000

Total Paid-in Capital.............. 810,000

Retained Earnings................ 550,000

Total Stockholders’ Equity............$1,360,000

On December 10, Frontier purchased 2,000 shares of treasury stock at $13 per share.

Requirements

1. Journalize the purchase of the treasury stock.

2. Prepare the stockholders’ equity section of the balance sheet at December 31.