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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Reporting stockholders' equity

Using the following accounts and balances, prepare the Stockholders'
Equity section of the balance sheet using Method 1 of Exhibit 8. 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
Transcribed Image Text: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
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