The shareholders' equity section of the balance sheet of TheClaremont Company appeared as follows at the end of the first yearof operations: Common stock, $0.16 par value $960,000 Additionalpaid-in-capital 143,040,000 Retained earnings 51,200,000 Treasurystock (12,000,000) Shareholders' equity $183,200,000 During thesecond year of operations, the following transactions occurred:Generated net income of $9.6 million. Paid a cash dividend of $2.4million. Purchased 100,000 shares of common stock at $15.2 pershare. Executed a 1-for-2 reverse stock split. Prepare theshareholders' equity section of the balance sheet of ClaremontCompany at the end of the second year of operations. Use a negativesign with treasury stock answer. The Claremont CompanyStockholders' Equity December 31, Year 2 Common stock, par value$Answer 960,000 Additional paid-in-capital Answer Retained earningsAnswer 0 Treasury stock Answer 0 Total shareholders' equity $Answer0