Question 11 of 13 Martinez Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $180,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Purchased 5,500 shares at $8 per share. Sold 1,000 shares at $12 per share. Sept. 1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. Mar. 1 June 1 Martinez Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $31,000. (a) Your answer is correct.

Martinez Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock (\$5 par) \$500,000, Paid-in Capital in Excess of Par-Common Stock $180,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $8 per share. June 1 Sold 1,000 shares at $12 per share. Sept. 1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. Martinez Corporation uses the cost method of accounting for treasury stock. In 2022 , the company reported net income of $31,000. Prepare the stockholders' equity section for Martinez Corporation at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) $