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

MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2 Stockholders' Equity Total paid-in capital Total stockholders' equityCommon stock, $11 par, 61,888 shares authorized, 2,888 shares issued and outstanding $38,888 Paid-in capital in excess of par, common stock 79,888 Retained earnings 79,888