Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired. 

Common Stock, $3 par............................................................... $ 270,000
Paid-In Capital from Sale of Treasury Stock ................................. 62,000
Paid-In Capital in Excess of Par—Common Stock .................. 1,196,000
Retained Earnings ...................................................................... 7,430,000
Treasury Stock ............................................................................... 230,000