Reporting stockholders’ equity OBJ. 5 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