Stockholders' equity section of balance sheet
Furious and Fast Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Furious and Fast Car Inc. on November 30, the end of the current year:
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Common Stock, $8 par
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$ 3,000,000
|
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Paid-In Capital in Excess of Par-Common Stock
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525,000
|
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Paid-In Capital in Excess of Par-Preferred Stock
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280,000
|
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Paid-In Capital from Sale of Treasury Stock-Common
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175,000
|
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Preferred 2% Stock, $125 par
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5,000,000
|
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Retained Earnings
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23,120,000
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Treasury Stock-Common
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792,000
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Sixty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 88,000 shares of common stock held as treasury stock.
Prepare the Stockholders' Equity section of the balance sheet as of November 30, the end of the current year.