Reporting stockholders’ equity Obj. 6 Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. Two hundred fifty thousand shares of common stock are authorized, and 17,500 shares have been reacquired.

Common Stock, $60 par $12,000,000 Paid-In Capital from Sale of Treasury Stock 320,000 Paid-In Capital in Excess of Par—Common Stock 3,200,000 Retained Earnings 18,500,000 Treasury Stock 1,137,500 AppendixLO1