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

On December 10, Backcountry Outfitters purchased 8,000 shares of treasury stock at $6 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, $4 par, 750,000 shares authorized, 40,000 shares issued and outstanding Paid-in Capital in Excess of Par-Common Total Paid-in Capital Retained Earnings Total Stockholders' Equity $ 160,000 280,000 440,000 261,000 $ 701,000