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Q1) Avon Products, Inc., cosmetics company, had selected account balance at December 31, 20X3 given below (adapted, in millions, except par value per share). Create following stockholders' equity section of Avon's balance sheet (in millions).

Common stock, $0.25 par per share, 800 shares authorized, 361 shares issued................ $90
Retained earnings........... 2,202
Accounts receivable, net.... 600
Notes payable............... 1,122
Inventory................... $653
Property, plant, and equipment, net.............. 857
Paid-in capital in excess of par............... 1,188
Treasury stock, 126 shares at cost.......... 2,380
Other stockholders' equity....... (729)*

Debit balance

How can Avon have larger balance of treasury stock than sum of Common Stock and Paid-in Capital in Excess of Par?

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