The stockholders' equity section of Lachlin Corporation's balance sheet at December 31 is presented here.

LACHLIN CORPORATION Balance Sheet (partial)Stockholders' equityPaid-in capitalPreferred stock, cumulative, 10,0[11 shapes authorized,6,000 Shara issued and outstanding $ 600,000Common stock, no par, 750,000 shares authorized,530,000 shapes issued 2,900,000Tbta] paid-in capital 3,500,000Retained earnings 1,158,000Total paid—in capital and retained earnings 4, 658,000Less: Treasury stock (6,000 common shares) 32,000 Total stockholders' equity $4,626,000