Question 2 Bramble Corporation is authorized to issue 20,500 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) $575,000 Paid-in Capital in Excess of Par-Preferred Stock 69,000 Common Stock (64,000 shares) 320,000 Paid-in Capital in Excess of Par-Common Stock 650,000 Retained Earnings 280,000 During 2020, the following transactions occurred. Feb. 1 Issued 1,800 shares of preferred stock for land having a fair value of $123,000. Mar. 1 Issued 1,500 shares of preferred stock for cash at $70 per share. July 1 Issued 16,500 shares of common stock for cash at $8 per share. Sept. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. 1 Issued 7,750 shares of comm mmon stock for cash at $8.50 per share. Dec. 31 Net income for the year was $260,000. No dividends were declared. Dec. (c) Your answer is partially correct. Try again. 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) December 31, 2020 Paid-in Capital Stockholders' Equity x Paid-in Capital X Share Capital-Ordinary X Preferred Stock 001 Capital Stock Paid-in Capital Common Stock Paid-in Capital from Treasury Stock Additional Paid-in Capital Paid-in Capital JODI x Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital