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Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet. Regarding the common stock, 500,000 shares are authorized, and 40,000

Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet. Regarding the common stock, 500,000 shares are authorized, and 40,000 shares have been reacquired. Line Item Description Amount Common Stock, $120 par $48,000,000 Paid-In Capital from Sale of Treasury Stock 4,500,000 Paid-In Capital in Excess of ParCommon Stock 6,400,000 Retained Earnings 63,680,000 Treasury Stock 5,200,000

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