Brice Company completed the following transactions In Year 1, the first year of operation: 1. Issued 35,000 shares of no-par common stock for $10 per share. 2. Issued 9,600 shares of $20 par, 5 percent, preferred stock for $20 per share. 3. Paid a cash dividend of $9,600 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $190,000 of cash revenues and incurred $88,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. Problem 11-27A (Algo) Part c c. Prepare the stockholders' equity section of the balance sheet at the end of Year 1. Stockholders' equity Total paid-in capital BRICE COMPANY Balance Sheet (Partial) As of December 31, Year 1 Total stockholders' equity
Brice Company completed the following transactions In Year 1, the first year of operation: 1. Issued 35,000 shares of no-par common stock for $10 per share. 2. Issued 9,600 shares of $20 par, 5 percent, preferred stock for $20 per share. 3. Paid a cash dividend of $9,600 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $190,000 of cash revenues and incurred $88,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. Problem 11-27A (Algo) Part c c. Prepare the stockholders' equity section of the balance sheet at the end of Year 1. Stockholders' equity Total paid-in capital BRICE COMPANY Balance Sheet (Partial) As of December 31, Year 1 Total stockholders' equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required Information
Problem 11-27A (Algo) Recording and reporting stock dividends LO 11-4, 11-6, 11-7
[The following information applies to the questions displayed below.]
Brice Company completed the following transactions in Year 1, the first year of operation:
1. Issued 35,000 shares of no-par common stock for $10 per share.
2. Issued 9,600 shares of $20 par, 5 percent, preferred stock for $20 per share.
3. Paid a cash dividend of $9,600 to preferred shareholders.
4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was
$25 per share.
5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that
time was $70 per share.
6. Produced $190,000 of cash revenues and incurred $88,000 of cash operating expenses.
7. Closed the revenue, expense, and dividend accounts to retained earnings.
Problem 11-27A (Algo) Part c
c. Prepare the stockholders' equity section of the balance sheet at the end of Year 1.
Stockholders' equity
Total paid-in capital
BRICE COMPANY
Balance Sheet (Partial)
As of December 31, Year 1
Total stockholders' equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F970bd1a5-ec8e-4093-8db1-5fe4658a27aa%2F7f567221-db75-41de-b1ec-c68c0ebc06ba%2Fjid1jou_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required Information
Problem 11-27A (Algo) Recording and reporting stock dividends LO 11-4, 11-6, 11-7
[The following information applies to the questions displayed below.]
Brice Company completed the following transactions in Year 1, the first year of operation:
1. Issued 35,000 shares of no-par common stock for $10 per share.
2. Issued 9,600 shares of $20 par, 5 percent, preferred stock for $20 per share.
3. Paid a cash dividend of $9,600 to preferred shareholders.
4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was
$25 per share.
5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that
time was $70 per share.
6. Produced $190,000 of cash revenues and incurred $88,000 of cash operating expenses.
7. Closed the revenue, expense, and dividend accounts to retained earnings.
Problem 11-27A (Algo) Part c
c. Prepare the stockholders' equity section of the balance sheet at the end of Year 1.
Stockholders' equity
Total paid-in capital
BRICE COMPANY
Balance Sheet (Partial)
As of December 31, Year 1
Total stockholders' equity
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