Boley Corporation reports the following information in its January 1, 2006, balance sheet:

During 2006, Boley was affected by the following accounting events:
1. Purchased 1,000 shares of treasury stock at \($18\) per share.
2. Reissued 600 shares of treasury stock at \($20\) per share.
3. Earned \($64,000\) of cash revenues.
4. Paid \($38,000\) of cash operating expenses.

Required:
Prepare the stockholders’ equity section of the year-end balance sheet.

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Stockholders' Equity Common Stock, $10 Par Value, 50,000 shares authorized, 30,000 shares issued and outstanding $300,000 Paid-in Capital in Excess of Par Value 150,000 Retained Earnings 100,000 Total Stockholders' Equity $550,000