ACCOUNTING FOR EQUITY CHANGES. Fiberglass Products prepared the following statement of stockholders’ equity at December 31, 19x7:

REQUIRED:
Prepare the stockholders’ equity portion of Fiberglass’ December 31, 19x8, balance sheet.

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Capital stock: Preferred stock, 9%, $40 par Common stock, $10 par $ 240,000 1,630,000 Paid-in capital in excess of par: Preferred stock Common stock 12,000 1,793,000 Paid-in capital from treasury stock transactions 7,000 .... Total capital stock 3,682,000 437,000 (75,000) Retained earnings Treasury stock Total stockholders' equity $4,044,000 During 19x8, Fiberglass sold 21,000 shares of common stock for $31 per share, pur- chased 1,200 shares of common stock for the treasury at a cost of $25 each, and sold 1,000 of the treasury shares purchased during 19x8 for $27 per share. In 19x8, net income and dividends were $238,100 and $92,000, respectively.