Accounting for Shareholders' Equity Transactions The shareholders' equity section of the balance sheet of The Claremont Company appeared as follows at the end of the first year of operations: Common stock, $0.16 par value Additional paid-in-capital Retained earnings Treasury stock Shareholders' equity $960,000 143,040,000 51,200,000 (12,000,000) $183,200,000 During the second year of operations, the following transactions occurred: 1. Generated net income of $9.6 million. 2. Paid a cash dividend of $2.4 million. 3. Purchased 100,000 shares of common stock at $15.2 per share. 4. Executed a 1-for-2 reverse stock split. Prepare the shareholders' equity section of the balance sheet of Claremont Company at the end of the second year of operations. Use a negative sign with treasury stock answer. The Claremont Company Stockholders' Equity December 31, Year 2 Common stock, par value $ 960,000 Additional paid-in-capital 143,040,000 Retained earnings 58,400,000 Treasury stock (12,000,000) * Total shareholders' equity $ 191,920,00 *