Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet using Method 1 of Exhibit 8. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Two hundred fifty thousand shares of common stock are authorized, and 15,100 shares have been reacquired.

Common Stock, $50 par	$10,650,000
Paid-In Capital from Sale of Treasury Stock	320,000
Paid-In Capital in Excess of ParCommon Stock	3,190,000
Retained Earnings	19,200,000
Treasury Stock	981,500

EXHIBIT 8 Stockholders' Equity Section of a Balance Sheet Telex Inc. Balance Sheet December 31, 2017 $100,000 10,000 $ 110,000 Stockholders' Equity Paid-in capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued).. .. Excess over par .................. Paid-in capital, preferred stock. Common stock, $20 par (50,000 shares authorized, 45,000 shares issued)...... .......... Excess over par ..... Paid-in capital, common stock. From sale of treasury stock. Total paid-in capital..... Retained earnings... Total .......... Treasury stock (600 shares at cost). Total stockholders'equity.... $900,000 190,000 Method 1 1,090,000 2,000 $1,202,000 350,000 $1,552,000 (27,000) $1,525,000 $ 100,000 Stockholders' Equity Contributed capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued)... Common stock, $20 par (50,000 shares authorized, 45,000 shares issued). .... Additional paid-in capital Total contributed capital......... Retained earnings ...................... Total .......... Treasury stock (600 shares at cost)..... Total stockholders'equity .............. 900,000 202,000 -Method 2 $1,202,000 350,000 $1,552,000 (27,000) $1,525,000 Stockholders' Equity 1 Paid-in capital