Current Attenipt in ProgressThe stockholders' equity accounts of Bramble Corporation on January 1, 2022. were as followsPreterred Stock (8N. $48 par. 10.000 shanes authorized)$ 384.000Common Stock ($1 stated value. 2.050.000shares authorized)1.500.D00Paid-in Capital in Excess of Par-Preferred Stock140.000Paid-in Capit. in Ecess of Stated Value-Common Stock1450000Retained Earmings1.750.000Treasury Stock (10,500 common sharesl52.500During 2022. the corporation had the following transactions and events pertaining tots stockholders eguityFeh.Issued 25.000 shares of common stock for $124,000.Apr.Sold 6.000 shares of treasury stockcommon for $33.700.14SeptIssued 4,900 shares of common stock for a patent valued at $35,1003.10Purchased 1.100 shares of common stock for the treasury at a cost of $5.700.NovDec31Determined that net income for the year was $420.000.No dividends were declared during the year. (b)Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for theposting reference) (Post entries in the onder of journal entries presented in the previous port)Preferred StockDateExplanation Ref.DebitCreditBalanceBalanceCommon StockDateExplanation Ref.DebitCreditBalanceBalance1535Paid-in Capital in Excess of Par-Preferred StockDateExplanation Ref.DebitCreditBalanceBalance

The journal entries are prepared to record daily transactions of the business. The t-accounts are…

The stockholders'equity accounts of Bramble Corporation on January 1.2022, were as follows Preferred Stock N S48 par, 10.00 shares authorized) $ 384.000 Common Stock S1 stated value. 2050.000 shares authortzed) 1500.000 Paid-in Capital in Ecess of Par-Preferred Stock 140.000 Paid-in Capitin Ece of Stated Value-Common Stock 1450.000 Retained Earmings 1750.000 Treasury Stock (10,500 common shares 52.500 During 2022. the corporation had the following transactions and events pertaining to its stockholders'eguity Feb Isued 25.000 shares of common stock for $124.000 Apr. Sold 6.000 shares of treasury stock-common for $33700 14 Sept sued 4.900 shares of common stock for a patent valued at $35,100 Nov 10 Purchased 1.100 shares of common stock for the treasury ata cost of $5.700. Dec 31 Determined that net income for the year was $420.000

The stockholders'equity accounts of Bramble Corporation on January 1.2022, were as follows Preferred Stock N S48 par, 10.00 shares authorized) $ 384.000 Common Stock S1 stated value. 2050.000 shares authortzed) 1500.000 Paid-in Capital in Ecess of Par-Preferred Stock 140.000 Paid-in Capitin Ece of Stated Value-Common Stock 1450.000 Retained Earmings 1750.000 Treasury Stock (10,500 common shares 52.500 During 2022. the corporation had the following transactions and events pertaining to its stockholders'eguity Feb Isued 25.000 shares of common stock for $124.000 Apr. Sold 6.000 shares of treasury stock-common for $33700 14 Sept sued 4.900 shares of common stock for a patent valued at $35,100 Nov 10 Purchased 1.100 shares of common stock for the treasury ata cost of $5.700. Dec 31 Determined that net income for the year was $420.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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