Prepare the stockholders' equity section of the balance sheet at December31, 2018,assuming the company earned$ 80000 of net income during the year.

The balance sheet of Quiet Time, Inc, at December 31, 2017, reported 750,000 shares of $3 par common stock authorized with 110,000 shares issued and outstanding. Paid-in capital in excess of par-common had a balance of 280,000. Retained earnings had a balance of $140,000. (Click the icon to view the transactions) Read the requirements stockholders' equity section of the balance sheet) During 2018, the company completed the following selected transactions More Info Stockholders' Equity Paid-in capital: Feb 15 Purchased 9,000 shares of treasury stock at $8 per share. Mar Sep Common stock $3 par 750000 shares authorized 8 Sold 5,000 shares of treasury stock for $9 per share. 28 Declared and distributed a 10% stock dividend on the 106,000 shares of outstanding 120600shares issued Paid-in capital in excess of par-common Paid-in capital-treasury stock 116600 shares outstanding common stock. The market value of Quiet Time's common stock was $14 per share Total paid-in capital PrintDone Retained earnings Less: Tre Total stockholders' equity stock