Prepare the stockholders’ equity section of Brant Company’s balance sheet at December 31, 2010.

On December 31, 2009, Brant Company had 1,000,000 shares of $1 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2009, had the balances listed here.

Common Stock

$1,000,000

Additional Paid-in Capital

100,000

Retained Earnings

800,000

Transactions during 2010 and other information related to stockholders’ equity accounts were as follows.

1. On January 9, 2010, issued at $8 per share 120,000 shares of $5 par value, 9% cumulative preferred stock.

2. On February 8, 2010, reacquired 15,000 shares of its common stock for $9 per share.

3. On June 10, 2010, declared a cash dividend of $1 per share on the common stock outstanding, payable on July 10, 2010, to stockholders of record on July 1, 2010.

4. On December 15, 2010, declared the yearly cash dividend on preferred stock, payable December 28, 2010, to stockholders of record on December 15, 2010.

5. Net income for the year is $2,400,000. At December 31, 2010, the market price of the common stock was $12 per share.

Instructions

Prepare the stockholders’ equity section of Brant Company’s balance sheet at December 31, 2010.

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