The following information pertains to Ming Corp. at January 1, Year 2:

Common stock, $10 par, 50,000 shares authorized,
3,000 shares issued and outstanding ............................................. $30,000
Paid-in capital in excess of par, common stock ............................... 12,000
Retained earnings ............................................................................... 46,000

Ming Corp. completed the following transactions during Year 2:

1. Issued 2,000 shares of $10 par common stock for $16 per share.

2. Repurchased 500 shares of its own common stock for $18 per share.

3. Resold 120 shares of treasury stock for $20 per share.

4. Earned $85,000 of cash revenue.

5. Paid $42,000 of cash operating expenses.

Required

Prepare the stockholders’ equity section of the year-end balance sheet.