Using the following accounts and balances, prepare the "Stockholders Equity" section of the balance sheet. $20,000$ shares of common stock authorized and $1,000$ shares have been reacquires.

Common stock, $$70$ par$-$ $$840,000$

Paid in capital from sale of treasury stock$-34,000$

Paid in capital from excess of par$-$Common stock$-300,000$

Retained Earnings$-479,000$

Treasury Stock$-16,000$