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Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and...

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Accounting

Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the current year:

Common Stock, $8 par $3,200,000

Paid-In Capital in Excess of ParCommon Stock 700,000

Paid-In Capital in Excess of ParPreferred Stock 182,000

Paid-In Capital from Treasury StockCommon 150,000

Preferred 2% Stock, $80 par 2,080,000

Retained Earnings 17,250,000 Treasury StockCommon 744,000

Forty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 62,000 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.

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