Northern, Inc., had the following stockholders' equity on November 30:

On December 24, Northern, Inc., purchased 10,000 shares of treasury stock at $7 per share.

Requirements
1. Journalize the purchase of the treasury stock.
2. Prepare the stockholders' equity section of the balance sheet at December 31.

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Stockholders' Equity Paid-in Capital: Common Stock, $2 par, 500,000 shares authorized 60,000 shares issued and outstanding Paid-in Capital in Excess of Par $ 120,000 540,000 S 660,000 530,000 1.190,000 Total Paid-in Capital Retained Earnings Total Stockholders' Equity