The stockholders’ equity section of Peter Corporation’s balance sheet at December 31, 2008 follows:

On January 2, 2009, Peter purchased and retired 100,000 shares of its stock for $1,800,000.
Required:
What is the balance in the Additional paid-in capital and Retained earnings accounts immediately after the shares were retired?

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Common stock ($10 par value); authorized 1,000,000 shares, issued and outstanding 900,000 shares Additional paid-in capital Retained earnings Total stockholders' equity $ 9,000,000 2,700,000 1,300,000 $13,000,000