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Pine Corporation has the following accounts at December 31: Common Stock, $8 par, 5,000 shares issued, $40,000; Paid-in Capital in Excess of ParCommon Stock $32,900;

image text in transcribedPine Corporation has the following accounts at December 31: Common Stock, $8 par, 5,000 shares issued, $40,000; Paid-in Capital in Excess of ParCommon Stock $32,900; Retained Earnings $47,000; and Treasury Stock, 400 shares, $8,800.

PINE CORPORATION Balance Sheet (Partial)

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