B On January 1, 2012, Gabriel Inc. had these stockholder equity balances.

During 2012, the following transactions and events occurred.
1. Issued 70,000 shares of $1 par common stock for $245,000.
2. Issued 40,000 common shares for cash at $4 per share.
3. Purchased 18,000 shares of common stock for the treasury at $4 per share.
4. Declared and paid a cash dividend of $296,000.
5. Reported net income of $510,000.
Instructions Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.

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