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Stockholders' equity section of balance sheet
Furious and Fast Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Furious and Fast Car Inc. on November 30, the end of the current year:
Common Stock, $8 par
$ 3,000,000
Paid-In Capital in Excess of Par-Common Stock
525,000
Paid-In Capital in Excess of Par-Preferred Stock
280,000
Paid-In Capital from Sale of Treasury Stock-Common
175,000
Preferred 2% Stock, $125 par
5,000,000
Retained Earnings
23,120,000
Treasury Stock-Common
792,000
Sixty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 88,000 shares of common stock held as treasury stock.
Prepare the Stockholders' Equity section of the balance sheet as of November 30, the end of the current year.
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