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Question
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 (separating sources of additional paid-in capital). Fifty thousand shares of common stock are authorized, and 5,000 shares have been reacquired.
| Common Stock, $50 par | $1,250,000 |
| Paid-In Capital in Excess of Par | 800,000 |
| Paid-In Capital from Sale of Treasury Stock | 42,000 |
| Retained Earnings | 4,350,000 |
| Treasury Stock | 155,000 |
Answer
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