Exercise - Prepare the stockholders equity section
Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,500,000 shares issued: Paid-in Capital, $16.50 million; Retained Earnings, $9.50 million; and Treasury Stock, 45,000 shares, $0.990 million.
Required - Prepare the stockholders' equity section of the balance sheet.