Reporting Stockholders' Equity
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