Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.

Common Stock, $3 par $270,000

Paid-In Capital from Sale of Treasury Stock 62,000

Paid-In Capital in Excess of ParCommon Stock 1,196,000

Retained Earnings 7,430,000

Treasury Stock 230,000

Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8 . Two hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired