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                                                  $48,000,000Paid-In Capital from Sale of Treasury Stock                          4,500,000Paid-In Capital in Excess of Par—Common Stock                 6,400,000Retained Earnings                                                                  63,680,000Treasury Stock                                                                        5,200,000

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.