Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 90,000 shares of common stock authorized, and 2,000 shares have been reacquired.

Common Stock, $80 par $5,760,000 Paid-In Capital from Sale of Treasury Stock 115,000 Paid-In Capital in Excess of ParCommon Stock 1,656,000 Retained Earnings 3,283,000 Treasury Stock 60,000