Chapter $10$ Homework

$($i$)$

Brief Exercise $10-16($Static$)$ Prepare the stockholders' equity section $($LO$10-7)$

$1\mathrm{.}11$ points

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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\mathrm{.}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\mathrm{.}5$ million should be entered as $5,500,000)$

$\backslash$table$[[$SUMMIT APPAREL,$],[$Balance Sheet,$],[($Stockholders$\text{'}$ Equity Section$),],[$December $31,],[$Stockholders$\text{'}$ equity:,$],[$Common Stock,$$1,000,000$