Q1) Avon Products, Inc., cosmetics company, had selected account balance at December 31, 20X3 given below (adapted, in millions, except par value per share). Create following stockholders' equity section of Avon's balance sheet (in millions).
| Common stock, $0.25 par per share, 800 shares authorized, 361 shares issued................ |
$90 |
| Retained earnings........... |
2,202 |
| Accounts receivable, net.... |
600 |
| Notes payable............... |
1,122 |
| Inventory................... |
$653 |
| Property, plant, and equipment, net.............. |
857 |
| Paid-in capital in excess of par............... |
1,188 |
| Treasury stock, 126 shares at cost.......... |
2,380 |
| Other stockholders' equity....... |
(729)* |
Debit balance
How can Avon have larger balance of treasury stock than sum of Common Stock and Paid-in Capital in Excess of Par?