CengageNOWv2 | Online teachin ×Cengage Learningb Answered: MindTap - Cengage Le XA v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseCh 13-2 Practice ExerciseseBookShow Me HowCalculatorPrint ItemUsing the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 50,000 shares of common stock authorized, and2,000 shares have been reacquired.Common Stock, $80 par$3,200,000Paid-In Capital from Sale of Treasury Stock64,000Paid-In Capital in Excess of Par-Common Stock440,000Retained Earnings1,728,000Treasury Stock42,000Stockholders' EquityPaid-In Capital:Common Stock, $80 Par3,200,000Excess over par440,000Treasury StockFrom Sale of Treasury Stock64,000Total Paid-in Capital3,704,000Retained EarningsTotalTreasury StockTotal Stockholders' Equity4:31 PMO Type here to search2/24/2020

Question
Asked Feb 24, 2020
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I'm not sure whether I add or subtract the common stock, $80 par and the excess over par. 

CengageNOWv2 | Online teachin ×
Cengage Learning
b Answered: MindTap - Cengage Le X
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
Ch 13-2 Practice Exercises
eBook
Show Me How
Calculator
Print Item
Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 50,000 shares of common stock authorized, and
2,000 shares have been reacquired.
Common Stock, $80 par
$3,200,000
Paid-In Capital from Sale of Treasury Stock
64,000
Paid-In Capital in Excess of Par-Common Stock
440,000
Retained Earnings
1,728,000
Treasury Stock
42,000
Stockholders' Equity
Paid-In Capital:
Common Stock, $80 Par
3,200,000
Excess over par
440,000
Treasury Stock
From Sale of Treasury Stock
64,000
Total Paid-in Capital
3,704,000
Retained Earnings
Total
Treasury Stock
Total Stockholders' Equity
4:31 PM
O Type here to search
2/24/2020
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CengageNOWv2 | Online teachin × Cengage Learning b Answered: MindTap - Cengage Le X A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch 13-2 Practice Exercises eBook Show Me How Calculator Print Item Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 50,000 shares of common stock authorized, and 2,000 shares have been reacquired. Common Stock, $80 par $3,200,000 Paid-In Capital from Sale of Treasury Stock 64,000 Paid-In Capital in Excess of Par-Common Stock 440,000 Retained Earnings 1,728,000 Treasury Stock 42,000 Stockholders' Equity Paid-In Capital: Common Stock, $80 Par 3,200,000 Excess over par 440,000 Treasury Stock From Sale of Treasury Stock 64,000 Total Paid-in Capital 3,704,000 Retained Earnings Total Treasury Stock Total Stockholders' Equity 4:31 PM O Type here to search 2/24/2020

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Expert Answer

Step 1

Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the available balance stockholders’ equity as on reported date at the end of the financial year.

Step 2

Prepare the stockholders’ equity section of the balance sheet.

Accounting homework question answer, step 2, image 1

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