Meta Corporation has the following stockholders' equity accounts on January 1, 2020:

Common Stock, $10 par value ............................... $1,500,000

Paid-in Capital in Excess of Par.............................. 200,000

Retained Earnings.................................................. 500,000

Total Stockholders' Equity................................. $2,200,000

The company uses the cost method to account for treasury stock transactions. During 2020, the following treasury stock transactions occurred:

April 1 Purchased 9,000 shares at $16 per share.

August 1 Sold 3,000 shares at $18 per share.

October 1 Sold 3,000 shares at $15 per share.

1) Prepare the Stockholders' Equity section of the balance sheet for Meta Corporation at December 31, 2020. Assume net income was $110,000 for 2020

2 ) Explain the principle the separation between manager owner in a corporation