The following accounts and balances are from the records of Relay Corporation on December 31, 20xx:

Prepare a stockholders' equity section for Relay Corporation's balance sheet.

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Account Preferred Stock, $100 par value, 9 percent cumulative, 20,000 shares authorized, 12,000 shares issued and outstanding Common Stock, $12 par value, 90,000 shares authorized, 60,000 shares issued, and 57,000 shares outstanding Debit Balance Credit $1,200,000 720,000 Paid-in Capital in Excess of Par Value, Common 388,000 Retained Earnings 46,000 Treasury Stock, Common (3,000 shares, at cost) $60,000