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Houston Corporation reported its stockholders' equity information for the year 2018 as follows: Common stock of $5 par value, 100,000 shares authorized, 50,000 shares issued
Houston Corporation reported its stockholders' equity information for the year 2018 as follows:
Common stock of $5 par value, 100,000 shares authorized, | ||
| 50,000 shares issued and outstanding | $250,000 |
Additional paid-in capital | 125,000 | |
Retained earnings | 400,000 | |
Treasury stock 2,500 shares at cost $7 |
| |
Net income for the year | 80,000 | |
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Prepare the stockholders' equity section of the balance sheet as it should appear on December 31, 2018.
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