Question - Irwin Corporation has been authorized to issue 20,300 shares of $100 par value, 10%, noncumulative preferred stock and 1,161,446 shares of no-par common stock. The corporation assigned a $2.86 stated value to the common stock. At December 31, 2015, the ledger contained the following balances pertaining to stockholders' equity.
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Preferred Stock
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$113,000
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Paid-in Capital in Excess of Par-Preferred Stock
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31,500
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Common Stock
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1,161,446
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Paid-in Capital in Excess of Stated Value-Common Stock
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1,904,300
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Treasury Stock (1,200 common shares)
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15,600
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Paid-in Capital from Treasury Stock
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600
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Retained Earnings
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84,100
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The preferred stock was issued for land having a fair value of $144,500. All common stock issued was for cash. In November, 1,800 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 600 shares of treasury stock were sold for $14 per share. No dividends were declared in 2015.
QUESTION: Prepare the stockholders' equity section at December 31, 2015.