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, $0.08 par value $480,000 Additional paid-in-capital 71,520,000 Retained earnings 25,600,000 Treasury stock (6,000,000) Shareholders' equity $91,600,000 During the second year of operations, the following transactions occurred: 1. Generated net income of $4.8 million. 2. Paid a cash dividend of $1.2 million. 3. Purchased 100,000 shares of common stock at $7.6 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 $ Additional paid-in-capital Retained earnings ri Common stock, $0.08 par value Additional paid-in-capital Retained earnings Treasury stock Shareholders' equity $480,000 71,520,000 25,600,000 (6,000,000) $91,600,000 During the second year of operations, the following transactions occurred: 1. Generated net income of $4.8 million. 2. Paid a cash dividend of $1.2 million. 3. Purchased 100,000 shares of common stock at $7.6 4. Executed a 1-for-2 reverse stock split. per share. 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 $ Additional paid-in-capital Retained earnings Treasury stock Total shareholders' equity $ Check Tras