The following accounts and their balances appear in the ledger of Newberry Properties
Inc. on June 30 of the current year:
Common Stock, $75 par $1,350,000
Paid-In Capital in Excess of Par 108,000
Paid-In Capital from Sale of Treasury Stock 12,000
Retained Earnings 2,950,000
Treasury Stock 70,000
Prepare the Stockholders' Equity section of the balance sheet as of June 30. Forty thousand shares of common stock are authorized, and 875 shares have been reacquired.