Problem 13-03A a-c (Video) The stockholders' equity accounts of Bramble Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity, Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $420,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit Debit Account Titles and Explanation Date Credit Y. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $420,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account Account Titles and Explanation Credit Date Debit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 15 for the posting reference.) (Poster Preferred Stock Balance CES Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Uses for the posting reference.) (Post entries in the or Preferred Stock Date Explanation Ref. Balance Debit Credit Balance Common Stock Date Explanation Ref. Balance Debit Credit Balance J5 Balance J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Paid in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance tudy Balance 15 JS Paid-in Capital from Treasury Stock Date Explanation Ref. Debit JS Credit Balance Retained Earnings Date Explanation Ref. Balance Debit Credit Balance 35 Treasury Stock Date Explanation Ref. Balance Debit Credit Balance J5 J5 HOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT ACES ht Prepare a stockholders' equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question BRAMBLE CORPORATION Balance Sheet(Partial) $ $ Study Click if you would like to show Work for this question: Deen Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEKT
