Question
Bramble Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,025,000 shares of no-par common stock. The corporation
Bramble Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,025,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders equity.
Preferred Stock | $115,000 | |
Paid-in Capital in Excess of ParPreferred Stock | 28,000 | |
Common Stock | 1,025,000 | |
Paid-in Capital in Excess of Stated ValueCommon Stock | 2,255,000 | |
Treasury Stock (940 common shares) | 11,280 | |
Paid-in Capital from Treasury Stock | 1,410 | |
Retained Earnings | 81,500 | |
Accumulated Other Comprehensive Income | 56,000 |
The preferred stock was issued for land having a fair value of $143,000. All common stock issued was for cash. In November, 1,410 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 470 shares of treasury stock were sold for $15 per share. No dividends were declared in 2020.
Prepare the stockholders equity section at December 31, 2020.
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