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Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.Common Stock, $2 par                                                        $ 150,000Paid-In Capital from Sale of Treasury Stock                             60,000Paid-In Capital in Excess of Par—Common Stock                   2,250,000Retained Earnings                                                                  10,880,000Treasury Stock                                                                         140,000

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.Common Stock, $2 par                                                        $ 150,000Paid-In Capital from Sale of Treasury Stock                             60,000Paid-In Capital in Excess of Par—Common Stock                   2,250,000Retained Earnings                                                                  10,880,000Treasury Stock                                                                         140,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
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Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.
Common Stock, $2 par                                                        $ 150,000
Paid-In Capital from Sale of Treasury Stock                             60,000
Paid-In Capital in Excess of Par—Common Stock                   2,250,000
Retained Earnings                                                                  10,880,000
Treasury Stock                                                                         140,000

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