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a little help would be greatly appreaciated Question i Bramble Corporation is authorized to issue 20,500 shares of $50 par value, 10% preferred stock and
a little help would be greatly appreaciated Question i Bramble Corporation is authorized to issue 20,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Pald-in Capital in Excess of Par-Preferred Stock 69,000 Common Stock (64,000 shares) 320,000 Paid-in Capital in excess of Par-Common Stock 650,000 Retained Earnings 280,000 During 2020, the following transactions occurred. Feb. 1 Issued 1,800 shares of preferred stock for land having a fair value of $123,000. Mar 1 Issued 1,500 shares of preferred stock for cash at $70 per share. July 1 Issued 16,500 shares of common stock for cash at $8 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. Dec. 1 Issued 7,750 shares of common stock for cash at $8.50 per share. Dec. 31 Net income for the year was $260,000. No dividends were declared. BRAMBLE CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 767,500 Common Stock 441,250 Total Capital Stock 1,208,750 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 143,550 Pald-in Capital in Excess of Par-Preferred Stock 143,550 > Pald-in Capital in Excess of Par-Common Stock 726,625 > Total Additional Pald-in Capital 870,175 Retained Earnings 540,000 Total Stockholders' Equity 2,618,925
a little help would be greatly appreaciated
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