Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 ofExhibit 8. 60,000 shares ofcommon stockauthorized, and 1,000 shares have been reacquired.

Common Stock, $80 par$2,880,000Paid-In Capital from Sale of Treasury Stock86,000Paid-In Capital in Excess of Par?Common Stock720,000Retained Earnings1,296,000Treasury Stock54,000

Telex Inc. Balance Sheet December 31, 20Y7 Stockholders' Equity Paid-in capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued) . . $100,000 Excess over par . . .. 10,000 Paid-in capital, preferred stock. . $ 110,000 Common stock, $20 par (50,000 shares authorized, 45,000 shares issued). . .. $900,000 Excess over par . . . 190,000 - Method 1 Paid-in capital, common stock. . 1,090,000 From sale of treasury stock. . ... 2,000 Total paid-in capital. $1,202,000 Retained earnings. .. 350,000 Total . . .. $1,552,000 Treasury stock (600 shares at cost). (27,000) Total stockholders'equity . ... .. . $1,525,000 Stockholders' Equity Contributed capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued) .. $ 100,000 Common stock, $20 par (50,000 shares authorized, 45,000 shares issued). . . . .. 900,000 Additional paid-in capital ... 202,000 Method 2 Total contributed capital . $1,202,000 Retained earnings. .. 350,000 Total .. $1,552,000 Treasury stock (600 shares at cost). (27,000) Total stockholders'equity ... $1,525,000