Reference no: EM132439097

Question - The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows.

Preferred Stock (7%, $100 par noncumulative, 4,500 shares authorized) $270,000

Common Stock ($4 stated value, 270,000 shares authorized) 900,000

Paid-in Capital in Excess of Par Value-Preferred Stock 13,500

Paid-in Capital in Excess of Stated Value-Common Stock 432,000

Retained Earnings 619,200

Treasury Stock (4,500 common shares) 36,000

During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb. 1 Issued 4,500 shares of common stock for $27,000.

Mar. 20 Purchased 900 additional shares of common treasury stock at $7 per share.

Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.

Nov. 1 Paid the dividend declared on October 1.

Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.

Dec. 31 Determined that net income for the year was $252,000. Paid the dividend declared on December 1.

Required - Prepare the stockholders equity section of balance sheet of December 31, 2022.