The following information pertains to Ming Corp. at January 1, 2018:

Common stock, $10 par, 50,000 shares authorized,

3,000 shares issued and outstanding.....................................................$30,000

Paid-in capital in excess of par, common stock..........................................12,000

Retained earnings........................................................................................46,000

Ming Corp. completed the following transactions during 2018:

1. Issued 2,000 shares of $10 par common stock for $16 per share.

2. Repurchased 500 shares of its own common stock for $18 per share.

3. Resold 120 shares of treasury stock for $20 per share.

4. Earned $85,000 of cash revenue.

5. Paid $42,000 of cash operating expenses.

Required

Prepare the stockholders' equity section of the year-end balance sheet.