Reporting Stockholders' Equity Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 80,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $40 par                                                         $2,240,000 Paid-In Capital from Sale of Treasury Stock                                112,000 Paid-In Capital in Excess of Par—Common Stock                      504,000 Retained Earnings                                                                     1,254,000 Treasury Stock                                                                               77,000 Balance Sheet see attached balance sheet

The stockholders’ equity section of The Seventies Shop is presented here.THE SEVENTIES SHOP Balance Sheet (partial)($ in thousands)Stockholders’ equity:Preferred stock, $50 par value            $ –0–Common stock, $5 par value             20,000Additional paid-in capital                 100,000Total paid-in capital                          120,000Retained earnings                              53,000Treasury stock                                    (3,700)Total stockholders’ equity               $ 169,300Required:Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands.1. How many shares of preferred stock have been issued?2. How many shares of common stock have been issued?3. Total paid-in capital is $120 million. At what average price per share were the common shares issued?4. If retained earnings at the beginning of the period was $45 million and net income during the year was $9,907,500, how…

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The stockholders’ equity section of Bramble Corp.’s balance sheet at December 31 is presented here. BRAMBLE CORP.Balance Sheet (partial) Stockholders’ equity          Paid-in capital             Preferred stock, cumulative, 12,500 shares authorized, 7,500 shares issued and outstanding   $ 787,500         Common stock, no par, 735,000 shares authorized, 565,000 shares issued   2,260,000      Total paid-in capital   3,047,500      Retained earnings   1,158,000           Total paid-in capital and retained earnings   4,205,500      Less: Treasury stock (6,900 common shares)   36,800   Total stockholders’ equity   $4,168,700   From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? Common stock outstanding   enter a number of shares    shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock…