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Question
Using the following information, prepare the Stockholders’ Equity section of the balance sheet using Method 1 (separating sources of additional paid-in capital). Seventy thousand shares of common stock are authorized and 7,000 shares have been reacquired.
| Common Stock, $75 par | $4,725,000 |
| Paid-In Capital in Excess of Par | 679,000 |
| Paid-In Capital from Sale of Treasury Stock | 25,200 |
| Retained Earnings | 2,032,800 |
| Treasury Stock | 600,000 |
Answer
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