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Using the following accounts and balances prepare the stockholders equity section of the balance sheet. 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                                                            $5,200,00

Using the following accounts and balances prepare the stockholders equity section of the balance sheet. 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                                                            $5,200,00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the following accounts and balances prepare the stockholders equity section of the balance sheet. 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

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