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Prepare the stockholders equity section of the balance sheet

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Problem 1: Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 80,000 shares of common stock authorized, and 4,000 shares have been reacquired.

Common Stock, $80 par                                                $5,120,000

Paid-In Capital from Sale of Treasury Stock                       205,000

Paid-In Capital in Excess of Par-Common Stock                  704,000

Retained Earnings                                                        2,509,000

Treasury Stock                                                              131,000

Reference no: EM132460088

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