On December 31, 2009, Brant Company had 1,000,000 shares of $1 par common stock issued and outstanding.

Question:

On December 31, 2009, Brant Company had 1,000,000 shares of $1 par issued and outstanding. The stockholders’ equity accounts at December 31, 2009, had the balances listed here.
Common Stock .......$1,000,000
Additional Paid-in Capital ......100,000
Retained Earnings .......800,000
Transactions during 2010 and other information related to stockholders’ equity accounts were as follows.
1. On January 9, 2010, issued at $8 per share 120,000 shares of $5 par value, 9% cumulative preferred stock.
2. On February 8, 2010, reacquired 15,000 shares of its for $9 per share.
3. On June 10, 2010, declared a cash of $1 per share on the outstanding, payable on July 10, 2010, to stockholders of record on July 1, 2010.
4. On December 15, 2010, declared the yearly cash on preferred stock, payable December 28, 2010, to stockholders of record on December 15, 2010.
5. Net income for the year is $2,400,000. At December 31, 2010, the market price of the was $12 per share.
Instructions
Prepare the stockholders’ equity section of Brant Company’s at December 31,
2010.

Common Stock
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