Question
BrambleCompany has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized8,200shares)$462,000Retained Earnings295,200 prepare entries in journal form to record
BrambleCompany has the following stockholders' equity accounts at December 31, 2020.
Common Stock ($100 par value, authorized8,200shares)$462,000Retained Earnings295,200
prepare entries in journal form to record the following transactions, which took place during 2021.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(1)290shares of outstanding stock were purchased at $98per share. (These are to be accounted for using the cost method.)
(2)A $18per share cash dividend was declared.
(3)The dividend declared in (2) above was paid.
(4)The treasury shares purchased in (1) above were resold at $102per share.
(5)520shares of outstanding stock were purchased at $104per share.
(6)320of the shares purchased in (5) above were resold at $97per share.
prepare the stockholders' equity section of Bramble Company's balance sheet after giving effect to these transactions, assuming that the net income for 2021 was $95,200. State law requires restriction of retained earnings for the amount of treasury stock.(Enter account name only and do not provide descriptive information.)
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