Equity presentation Balance of accounts at the beginning of the vear for Naries Co is as follows: Common Stock (1 million shares issued at $10 par): $ 10,000,000 Paid in Capital in Excess of par - Common Stock 15,000,000 Preferred Stock (20,000 shares issued at $100 par): 2,000,000 Paid in Capital in Excess of par - Preferred: 500,000 Treasury Stock (15,000 shares @10) 150,000 During the year the following transactions took place: 1. Reacquired and retired 25,000 common shares for $600,000 cash 2. Reissued 10,000 retired shares for $ 26 per share. Additional information: . Preferred shares authorized 100,000 shares Authorized 5,000,000 common shares. Retained Earnings at the beginning of the year was $2,550,000. Net income for the year was $430,000 of which 60% was paid in dividends. . Required: Use all the information given above to prepare the Equity section of Balance Sheet at the end of the year. Equity presentation Balance of accounts at the beginning of the year for Naries Co is as follows: Common Stock (1 million shares issued at $10 par): $ 10,000,000 Paid in Capital in Excess of par - Common Stock 15,000,000 Preferred Stock (20,000 shares issued at $100 par): 2,000,000 Paid in Capital in Excess of par - Preferred: 500,000 I Treasury Stock (15,000 shares @10) 150,000 During the year the following transactions took place: 1. Reacquired and retired 25,000 common shares for $600,000 cash 2. Reissued 10,000 retired shares for $ 26 per share. Additional information: . . Preferred shares authorized 100,000 shares Authorized 5,000,000 common shares. Retained Earnings at the beginning of the year was $2,550,000. Net income for the year was $430,000 of which 60% was paid in dividends. Required: Use all the information given above to prepare the Equity section of Balance Sheet at the end of the year