Reporting stockholders' equity Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. Regarding the common stock, 80,000 shares are authorized, and 4,000 shares have been reacquired. Common Stock, $80 par Paid-In Capital from Sale of Treasury Stock (4,000 shares at cost) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock $4,480,000 269,000 840,000 2,061,000 137,000 Balance Sheet Line Item Description Stockholders' Equity Paid-in capital: Common Stock, $80 Par (80,000 Shares Authorized, 56,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock Retained Earnings Total paid-in capital Treasury Stock (4,000 shares at cost) Total Total stockholders' equity Amount Amount 4,480,000 840,000 840,000 X 5,320,000 X 2,061,000 X 137,000 X 7,244,000 X 7,244,000 X Feedback Check My Work Recall that paid-in capital reflects the total amount that has been paid into the business by the stockholders for ownership in the corporation