Problem 11-6A (Part Level Submission) Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. $120,000 20,000 Preferred Stock Paid-in Capital in Excess of Par- Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,000 common shares) Paid-in Capital from Treasury Stock Retained Earnings 1,000,000 1,800,000 11,000 1,500 82,000 The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 500 shares of treasury stock were sold for $14 per share. No dividends were declared in 2017. (b) Your answer is partially correct. Try again. Prepare the stockholders' equity section at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.) IRWIN CORPORATION Balance Sheet (Partial) December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 120000 $ Common Stock 1000000 Total Capital Stock 1120000 Additional Paid-in Capital X Paid-in Capital 12000 X Paid-in Capital 1600000 Treasury Stock 1000 Total Additional Paid-in Capital 1613000 Total Paid-in Capital 2733000 Retained Earnings 82000 PROPON Total Paid-in Capital and Retained Earnings V 2815000 Less V Treasury Stock 9000 Total Stockholders' Equity 2806000