Problem 15-1 (Part Level Submission)

On January 5, 2017, Bramble Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 45,800 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 20,900 shares of common stock at $16 per share.
Feb. 1		Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $49,900; a factory building with a fair value of $147,000; and land with an appraised value of $256,000.
July 29		Purchased 2,000 shares of common stock at $15 per share. (Use cost method.)
Aug. 10		Sold the 2,000 treasury shares at $13 per share.
Dec. 31		Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $179,600 net income.

Date Account Titles and Explanation Debit Credit Jan. 11 Cash 334400 Common Stock 209000 Paid-in Capital in Excess of Par - Common Stock 125400 Feb. 1 Land 256000 Buildings 147000 Equipment 49900 X Dividends Payable - Common Stock 370000 V Paid-in Capital in Excess of Par - Preferred Stock 82900 July 29 Treasury Stock 30000 Cash 30000 Aug. 10 Cash 26000 Retained Earnings 4000 Treasury Stock 30000 Dec. 31 Dividends Payable - Common Stock 34260 Dividends Payable 34260 Dec. 31 Income Summary 179600 Retained Earnings 179600 (b) Prepare the stockholders' equity section of Bramble Corporation's balance sheet as of December 31, 2017. (Enter account name only and do not provide descriptive information.) BRAMBLE CORPORATION Stockholders' Equity $