PE 13-6A Reporting stockholders’ equity

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 2,500 shares have been reacquired.

Common Stock, $120 par

$4,800,000

Paid-In Capital in Excess of Par

600,000

Paid-In Capital from Sale of Treasury Stock

59,000

Retained Earnings

7,138,500

Treasury Stock

287,500