On December 31 2009 Brant Company had 1 000 000

shares of
On December 31, 2009, Brant Company had 1,000,000 shares of $1 par common stock issued
and outstanding. The stockholders’ equity accounts at December 31, 2009, had the balances
listed here.Common Stock .......$1,000,000Additional Paid-in Capital ......100,000Retained
Earnings .......800,000Transactions during 2010 and other information related to stockholders’
equity accounts were as follows.1. On January 9, 2010, issued at $8 per share 120,000 shares
of $5 par value, 9% cumulative preferred stock.2. On February 8, 2010, reacquired 15,000
shares of its common stock for $9 per share.3. On June 10, 2010, declared a cash dividend of
$1 per share on the common stock outstanding, payable on July 10, 2010, to stockholders of
record on July 1, 2010.4. On December 15, 2010, declared the yearly cash dividend on
preferred stock, payable December 28, 2010, to stockholders of record on December 15,
2010.5. Net income for the year is $2,400,000. At December 31, 2010, the market price of the
common stock was $12 per share.InstructionsPrepare the stockholders’ equity section of Brant
Company’s balance sheet at December 31,2010.View Solution:
On December 31 2009 Brant Company had 1 000 000 shares of
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