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Joy Co.’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...

Joy Co.’s shareholders’ equity included the following accounts at December 31, 2020:

Shareholders' Equity
Common stock, 9 million shares at $1 par $ 9,000,000
Paid-in capital—excess of par 72,000,000
Paid-in capital—share repurchases 587,000
Retained earnings 80,500,000

On February 15, Joy reacquired 300,000 shares of its common stock at $12 and retired the shares. Net income for 2021 was $7 million.

Determine the balances of Retained Earnings and Paid-in Capital - Excess of Par on the balance sheet dated December 31, 2021.

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