Problem 8-4 (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. 1
Mar. 20
Oct. 1
Issued 5,000 shares of common stock for $35,000.
Purchased 1,000 additional shares of common treasury stock at $9 per share.
Declared a 6% cash dividend on preferred stock, payable November 1.
Paid the dividend declared on October 1.
Declared a $0.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Paid the dividend declared on December 1.
Nov. 1
Dec. 1
Dec. 31
(a)-(b)
(a) Prepare a tabular summary that includes the January 1, 2017, balances. Do not include the beginning balance in Retained Earnings in the tabular summary.
(b) Record the 2017 transactions in the tabular summary.
(Round answers to 0 decimal places, e.g. 5,275. If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount
entered for the particular Asset, Liability or Equity item that was reduced.)
Assets
Liabilities
Stockholders’ Equity
Paid-in-Capital
Retained Earnings
Common
Stock
Div. Pay.
PIC in Excess of Stated
+
Value Com.
PIC in Excess of Par
Value Pref.
Cash
Treasury
Stock
Pref. Stock
+
+
Revenue
Expense
Dividend
(a) Bal.
1000000
480000
300000
15000
-40000
(b) Feb. 1
35000
20000
15000
Mar. 20
-9000
-9000
Oct. 1
18000
-18000
v
Nov. 1
-18000
-18000
X
Dec. 1
102000
– 102000
x
Dec. 31
102000
102000
(c)
Prepare the stockholders’ equity section of the balance sheet at December 31, 2017. Include 2017 net income of $312,900 as an increase to the January 1, 2017, Retained Earnings.
BRAMBLE CORP.
Partial Balance Sheet
7
Total Intangible Assets
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, plant and Equipment
Stockholders’ Equity
Total Assets
ses
Total Current Assets
Total Current Liabilities
Total Total
Total Liabilities
Total Liabilities and Stockholders’ Equity
Total Long-term Investments
Total Property, plant and Equipment
Additional Paid-in Capital
Capital
Citate
Capital Stock
Total Capital Stock
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Stockholders’ Equity
Total Additional Paid-in Capital
Total Long-term Liabilities
Paid-in care
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