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 |
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