On January 1, 2022, Queens Company reported the following stockholders’ equity:

On January 4, the company purchased 10,000 shares of its own stock at $25 per share to be held as treasury stock. On June 30, the company declared a $2 per share cash dividend to be paid on July 7. Net income for the year ended December 31 amounted to $280,000. Prepare the stockholders’ equity section of Queens Company’s balance sheet at December 31, 2022.

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Common Stock, $5 par (300,000 shares authorized, 100,000 shares issued and outstanding) Additional Paid-in Capital in Excess of Par - Common Retained Earnings Total Stockholders' Equity $ 500,000 200,000 700,000 $1,400,000