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Accounting for Shareholders' Equity Transactions The Shareholders' equity section ofthe balance sheet of The Claremont Company appeared as follows at the end of the first year of operations: Common stock, $0.04par value $240,000 Additional paid-in-capital 35,760,000 Retained earnings 12,800,000 Treasury stock (3,000,000) Shareholders' equity $45,800,000 During the second year of operations, the following transactions occurred: 1. Generated net income of $2.4 million. 2. Paid a cash dividend of $0.6 million. 3. Purchased 100,000 shares of common stock at $3.8 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 Treasury stock 00000 Total Shareholders' equity $ Accounting for Shareholders' Equity Transactions The shareholders' equity section of the consolidated balance sheet of Perry Corporation appeared as follows at the beginning of the year. Common stock, $1.00 par value $ 100,000 Additional paid-in-capital 1,200,000 Convertible preferred stock, no par value 800,000 Retained decit (600,000) Treasury stock (250,000) Sharholders' equity $1,250,000 The following transactions occurred during the year: 1. Generated net income of $90,000. 2. Paid cash dividends 0f$140,000. 3. Issued a ten percent common stock dividend; the fair value of the stock was $8 per share at this time. 4. Declared and issued a 2for1 forward stock split. 5. Converted 10,000 shares of convertible preferred stock with a book value of $200,000 into 20,000 shares of common stock. Prepare the shareholders' equity section of the balance sheet of Perry Corporation at yearend. Use negative signs with answers that reduce the balance and/or a Total that reduces the overall balance of the Shareholders' equity. Transaction Common Stock at Par Additional Paid-in-Capital Preferred Stock, NoPar Retained Earnings Treasury Stock Beginning Balance $ 100,000 $ 1,200,000 $ 800,000 $ (600.000) $ (250,000) 1 O V 0 V 0 V 0 X 0 V 2 0 V 0 V 0 V 0 X 0 V 3 100,000 X 0 X 0 V 0 X 0 V 4 0 V 0 V 0 V 0 V 0 V 5 0 X 0 X 0 X 0 V 0 V Total $ 0X$ 0X$ 0X$ 0X$ OX