Prepare equity section of the balance sheet. (LO 1, 3, 5)

The following account balances can be found in the general ledger of Athletics Supply Corporation at year-end. Prepare the shareholders' equity section of the balance sheet.

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Retained earnings S 450,000 Treasury stock (4,000 common shares at cost) 36,000 Common stock ($2 par, 500,000 shares authorized. 175,000 shares issued) 350,000 Additional paid-in capital, common stock 2,712,500 Preferred stock ($8 par value, 8%, 90,000 shares authorized, 20,000 shares issued) 160,000 Additional paid-in capital, preferred stock 50,000