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Bramble Corp. was organized on January 1, 2022. It is authorized to issue 20,000 shares of 5%, $52 par value preferred stock and 452,000 shares
Bramble Corp. was organized on January 1, 2022. It is authorized to issue 20,000 shares of 5%, $52 par value preferred stock and 452,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. May 1 Sept. 1 Nov. 1 Issued 66,000 shares of common stock for cash at $6 per share. Issued 1,120 shares of preferred stock for cash at $55 per share. Issued 111,000 shares of common stock for cash at $7 per share. Issued 4,200 shares of common stock for cash at $7 per share. Issued 2,200 shares of preferred stock for cash at $57 per share. Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) EA Jan. 10 $ Mar. 1 May 1 Sept. 1 Nov. 1 Assets = Cash S Liabilities Common Stock PIC in Exc Vali $ Paid-in-Capital + PIC in Excess of Stated Value Com. EA $ + A Pref. Stock $ Stockholders' Equity PIC in Excess of Par Value Pref. Revenue $
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