problem 8-4

Problem 8-4 (Part Level Submission) The stockholders' equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 707,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equty. Feb. 1 Issued 5,000 shares of common stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $o.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017, Dec. 31 Paid the dividend declared on December 1. (a) Prepare a tabular summary that includes the January 1, 2017, balances. Do not include the beginning balance in Retained (b) Record the 2017 transactions in the tabular summary (Round answers to 0 decimal places, e.g. 5,275. If a transaction causes a decrease in Assets, L entered for the particular Asset, Liability or Equity item that was reduced.) Paid-in Capital As of Par PIC in E Stock PIC in Excess of Stated Value Com. + Pref. Stock Value Common bec , Dec. 31 tedbied i' So,40 pereli-re ach dividend to common stockholders of record on December 15, payable December 31, 2017. Paid the dividend declared on December 1. (a) Prepare a tabular summary that includes the January 1, 2017, balances. Do not include the beginning balance in Retained Earnings in the tabular summary (b) Record the 2017 transactions in the tabular summary. CRound answers to o decimal places l. I t raac a decrease in Assetsy, tiabilities or Stockholders Iquity, lace a negative sign (or parentheses) n ) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity ties + Paid in-Capital PIC in Excess of Par Treasury Stock PIC in Excess of Pref. StockValue Pref. Stock Stated Value Com. Div. Pay. (a) Bal.s (b) Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31