Question

Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 40,000 shares of common stock authorized, and 1,000 shares have been reacquired.

Common Stock, $60 par	$1,440,000
Paid-In Capital from Sale of Treasury Stock	29,000
Paid-In Capital in Excess of Par—Common Stock	528,000
Retained Earnings	691,000
Treasury Stock	15,000

Stockholders' Equity
Paid-In Capital:
	$
		$
Total Paid-in Capital		$
Total		$
Total Stockholders' Equity		$

Answer 1

Stockholders' Equity
Paid-In Capital:
Commons stock	1,440,000
Paid-In Capital in Excess of Par—Common Stock	520,000
		$1,968,000
Paid-In Capital from Sale of Treasury Stock		29,000
Total Paid-in Capital		$1,997,000
Retained Earnings		691,000
Total		$2,688,000
Treasury Stock		-15,000
Total Stockholders' Equity		$2,673,000

Kindly comment if you need further assistance.

Thanks‼!