Stockholders’ Equity (January 1) Common stock—$4 par value, 100,000 shares authorized, 30,000 shares issued and outstanding $ 120,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 340,000 Total stockholders’ equity $ 540,000 Stockholders’ Equity (December 31) Common stock—$4 par value, 100,000 shares authorized, 35,200 shares issued, 4,000 shares in treasury $ 140,800 Paid-in capital in excess of par value, common stock 121,600 Retained earnings ($60,000 restricted by treasury stock) 440,000 702,400 Less cost of treasury stock (60,000) Total stockholders’ equity $ 642,400