A On January 1, 2012, Neville Inc. had these stockholders’ equity balances.

During 2012, the following transactions and events occurred.
1. Issued 50,000 shares of $1 par value common stock for $3 per share.
2. Issued 60,000 shares of common stock for cash at $4 per share.
3. Purchased 20,000 shares of common stock for the treasury at $3.80 per share.
4. Declared and paid a cash dividend of $207,000.
5. Earned net income of $410,000.
Instructions Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.

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Common Stock, $1 par (2,000,000 shares authorized, 600,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $ 600,000 1,500,000 700,000