Using the following account and balances, prepare the Stockholders Equity section of the balance sheet. 40,000 shares of common stock are authorized, and 5,000 shares have been reacquired.

Common stock $1,500,000

Paid-in Capital from Treasury Stock 44,000

Paid-in Capital from Common Stock 160,000

Retained earnings 4,395,000

Treasury Stock (5,000 shares 120,000

Instructions

Prepare the stockholders' equity section on December 31, 2012.