The following Stockholders’ Equity section of the balance sheet is prepared as of the end of the current year:

a. List the errors in the preceding statement of stockholders’ equity.
b. Prepare a corrected statement of stockholders’ equity.

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Stockholders' Equlty Paid-in capital: Preferred 2% stock, $60 par (94,000 shares authorized and issued)... Excess of issue price over par... Retained earnings.... Treasury stock (56,000 shares at cost).. Dividends payable. . Total paid-in capital... $5,640,000 $ 6,015,000 72,525,000 375,000 868,000 323,000 $79,731,000 Common stock, $10 par (750,000 shares authorized, 619,000 shares issued).... Organizing costs..... Total stockholders' equity...... 6,623,000 .... ... 225,000 $86,579,000