Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired.

Common Stock, $120 par............... $48,000,000

Paid-In Capital from Sale of Treasury Stock....... 4,500,000

Paid-In Capital in Excess of Par—Common Stock...... 6,400,000

Retained Earnings.................. 63,680,000

Treasury Stock.................... 5,200,000