Using the following accounts and balances prepare the Stockholders Equity
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired.
Common Stock, $120 par............... $48,000,000
Paid-In Capital from Sale of Treasury Stock....... 4,500,000
Paid-In Capital in Excess of Par—Common Stock...... 6,400,000
Retained Earnings.................. 63,680,000
Treasury Stock.................... 5,200,000

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