Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired. Common Stock, $120 par............... $48,000,000 Paid-In Capital from Sale of Treasury Stock....... 4,500,000 Paid-In Capital in Excess of ParCommon Stock...... 6,400,000 Retained Earnings.................. 63,680,000 Treasury Stock.................... 5,200,000

Chapter 11, Practice Exercises #12

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired.

Common Stock, $120 par............... $48,000,000

Paid-In Capital from Sale of Treasury Stock....... 4,500,000

Paid-In Capital in Excess of Par—Common Stock...... 6,400,000

Retained Earnings.................. 63,680,000

Treasury Stock.................... 5,200,000

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...