Problem $8-22$A $($Algo$)$ Recording and reporting treasury stock transactions LO $8-4,8-5$

The following information pertains to Ming Corp. at January $1,$ Year $2$:

$```$

Common stock, $$8$ par, $58,000$ shares authorized,

$3,000$ shares issued and outstanding $$24,000$

Paid$-$in capital in excess of par, common stock $54,300$

Retained earnings $54,300$

$```$

Ming Corp. completed the following transactions during Year $2$:

$1.$ Issued $2,800$ shares of $\backslash (\backslash$$ $8\backslash )$ par common stock for $\backslash (\backslash$$ $13\backslash )$ per share.

$2.$ Repurchased $1,700$ shares of its own common stock for $\backslash (\backslash$$ $16\backslash )$ per share.

$3.$ Resold $1,020$ shares of treasury stock for $\backslash (\backslash$$ $18\backslash )$ per share.

$4.$ Earned $\backslash (\backslash$$ $70,700\backslash )$ of cash revenue.

$5.$ Paid $\backslash (\backslash$$ $30,350\backslash )$ of cash operating expenses.

Required

Prepare the stockholders' equity section of the year$-$end balance sheet.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$c$|\}\{$MING CORPORATION$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Balance Sheet $($Partial$)\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$c$|\}\{$As of December $31,$ Year $2\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Stockholders$\text{'}$ Equity$\}\backslash \backslash$

$\backslash$hline Common stock & $\backslash$$ $22,400$ & & $\backslash \backslash$

$\backslash$hline Paid$-$in capital in excess of par$-$common stock & $14,000$ & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{\}\backslash \backslash$

$\backslash$hline Total paid$-$in capital & & $\backslash$$ & $36,400\backslash \backslash$

$\backslash$hline $?$ & & & $\backslash \backslash$

$\backslash$hline $\backslash$ & & & $\backslash \backslash$

$\backslash$hline Total stockholders' equity & & $\backslash$$ & $36,400\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$