Question: Brief Exercise 10-16 (Static) Prepare the stockholders' equity section (LO10-7) Summit Apparel has the following accounts at December 31: Common Stock, $1 par value,

Brief Exercise 10-16 (Static) Prepare the stockholders' equity section (LO10-7) Summit Apparel

Brief Exercise 10-16 (Static) Prepare the stockholders' equity section (LO10-7) Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000 shares issued, Additional Paid-in Capital, $18 million; Retained Earnings, $11 million; and Treasury Stock, 60,000 shares, $1.32 million. Prepare the stockholders' equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000) SUMMIT APPAREL Balance Sheet (Stockholders' Equity Section) Stockholders' equity: December 31 Total paid-in capital Total stockholders' equity 13

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