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Question: using the following accounts and balances prepare the stockholders equity...

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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

. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

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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