Quality Corporation reports the following information in its January 1, 2014, balance sheet:

Stockholders' equity
Common stock, $10 par value, 100,000 shares authorized, 50,000
shares issued and outstanding	$	500,000
Paid-in capital in excess of par value		150,000
Retained earnings		120,000
Total stockholders' equity	$	770,000

During 2014, Quality was affected by the following accounting events:

1.	Purchased 2,000 shares of treasury stock at $15 per share.
2.	Reissued 1,200 shares of treasury stock at $18 per share.
3.	Earned $72,000 of cash revenues.
4.	Paid $41,000 of cash operating expenses.

Required

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