Stockholders' Equity Section of Balance Sheet Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year. Stockholders' Equity Paid-in capital: Preferred 2% stock, $80 par(125,000 shares authorized and issued) Excess of issue price over par Retained earnings Treasury stock (75,000 shares at cost) Dividends payable $10,000,000 $10,500,000 96,700,000 1,755,000 430,000 $109,385,000 17,655,000 300,000 $127,340,000 500,000 Total paid-in capital Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) Organizing costs Total stockholders' equity Prepare a corrected Stockholders' Equity section. Stockholders' Equity Paid-In Capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued) Excess Over Par 500,000 Paid-in Capital, Preferred Stock Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued Excess Over Par 10,500,000 Common stock $20 par (1,000,000 shares authorized, 825,000o06 1,155,000 Paid-in Capital, Common Stock Total paid-in capital Retained Earnings 17,655,000 28,155,00 Total Treasury stock (75,000 shares at cost) Total stockholders' equity Stockholders' Equity Section of Balance Sheet Below is the Stockholders' Equity section of the balance sheet prepared as of the end of the current year. Stockholders' Equity Paid-in capital: Preferred 2% stock, $80 par(125,000 shares authorized and issued) Excess of issue price over par Retained earnings Treasury stock (75,000 shares at cost) Dividends payable $10,000,000 $10,500,000 96,700,000 1,755,000 430,000 $109,385,000 17,655,000 300,000 $127,340,000 500,000 Total paid-in capital Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) Organizing costs Total stockholders' equity Prepare a corrected Stockholders' Equity section. Stockholders' Equity Paid-In Capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued) Excess Over Par 500,000 Paid-in Capital, Preferred Stock Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued Excess Over Par 10,500,000 Common stock $20 par (1,000,000 shares authorized, 825,000o06 1,155,000 Paid-in Capital, Common Stock Total paid-in capital Retained Earnings 17,655,000 28,155,00 Total Treasury stock (75,000 shares at cost) Total stockholders' equity