Problem
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