Carter Corporation reports the following information in its January 1, Year XXX1, balance sheet: Stockholders’ equity Common stock, $10 par value, 50,000 shares authorized, 30,000 shares issued and outstanding $300,000

Paid-in-capital in excess of par value 150,000

Retained earnings 100,000

Total Stockholders’ equity $550,000

During the Year XXX1, Carter was affected by the following accounting events:

(i) Purchased 1,000 shares of treasury stock at $20 per share

(ii) Reissued 600 shares of treasury stock at $22 per share

(iii) Earned $64,000 of cash service revenues.

(iv) Paid $38,000 of cash operating expenses Required:

Prepare the stockholders’ equity section of the year-end balance sheet as of December 31, Year XXX1.