Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 707,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. Issued 5,000 shares of common stock for $35,000. Mar 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. Oct. Declared a 6% cash dividend on preferred stock, payable November 1. Now Paid the dividend declared on October 1. Dec Declared a 50.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec 3: Determined that net income for the year was $281,700. Paid the dividend declared on December 1. Thule Tha d planation Debit Credit 35000 Common Stock 20000 Paldin Capital in Excess of Stated Value-Commor 15000 Mar. 20 Treasury Stock 9000 Cash 9000 Oct. 1 | Cash Dividends 18000 Dividends Payable 18000 NOM 1 Dividends Payable 18000 18000 | Cash Cash Dividends Dec. 1 99600 Dividends Payable 99600 Dec. 31 Income Summary 281700 Retained Earnings 281700 Dolicy 2000 2010 (To record net income) Dec. 31 Retained Earnings 117600 Cash Dividends 117600 (To dose cash dividends) Dec. 31 Dividends Payable 99600 Cash 99600 (To record payment of cash dividends payable) Preferred Stock Common Stock 20000 minino x 12/31 Bal. 20000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated ValueCommon Stock 2/1 15000 12/31 Bal. 15000 Retained Earnings 12/31 281700 12/31 117600 Cash Dividends 10/1 18000 12/1 99600 12/31 117600 12/31 Bal. Treasury Stock 3/20 9000 12/31 Bal. 9000