Clubhouse, Inc., ended 2010 with 7 million shares of $1 par common stock issued and outstanding. Beginning additional paid-in capital was $10 million, and retained earnings totaled $35 million.
In April 2011, Clubhouse issued 5 million shares of common stock at a price of $3 per share.
In June, the company distributed a 10% stock dividend at a time when Clubhouses common stock had a market value of $6 per share.
Then in September, Clubhouses stock price dropped to $2 per share and the company purchased 5 million shares of treasury stock.
For the year, Clubhouse earned net income of $22 million and declared cash dividends of $12 million.

Requirement
1. Complete the following tabulation to show what Clubhouse should report for stockholders€™ equity at December 31, 2011. Journal entries are notrequired.

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Additional Paid-In Treasury Equity Stock t Capital Earnings Stock Equity $52 Common Retained (Amounts in millions) $7 Balance, Dec 31, 2010... Issuance of stock. Stock dividend.. Purchase of treasury stock Net income... Cash dividends Balance, Dec 31, 2011.. $10 S35