On December 31, 2014, Brave Corporation reported the following on its balance sheet: $$\begin{array} { l c }
\text { Cash } & \$ 22,000 \
\text { Treasury stock ( } \$ 8 \text { per share, at cost) } & ( 16,000 ) \
\text { Retained earnings } & 130,000 \
\text { Common stock, par } \$ 5 ; \text { (authorized } 100,000 \text { shares) } & 400,000 \
\text { Capital in excess of par } & ? \
\text { Total contributed capital } & 540,000
\end{array}$$ Required:
Prepare the stockholders' equity section of the balance sheet.

Question

On December 31, 2014, Brave Corporation reported the following on its balance sheet: $$\begin{array} { l c } 
\text { Cash } & \$ 22,000 \
\text { Treasury stock ( } \$ 8 \text { per share, at cost) } & ( 16,000 ) \
\text { Retained earnings } & 130,000 \
\text { Common stock, par } \$ 5 ; \text { (authorized } 100,000 \text { shares) } & 400,000 \
\text { Capital in excess of par } & ? \
\text { Total contributed capital } & 540,000
\end{array}$$ Required:
Prepare the stockholders' equity section of the balance sheet.

Quizplus · Accepted Answer

The Answer of On December 31, 2014, Brave Corporation reported the following on its balance sheet: $$\begin{array} { l c } 
\text { Cash } & \$ 22,000 \
\text { Treasury stock ( } \$ 8 \text { per share, at cost) } & ( 16,000 ) \
\text { Retained earnings } & 130,000 \
\text { Common stock, par } \$ 5 ; \text { (authorized } 100,000 \text { shares) } & 400,000 \
\text { Capital in excess of par } & ? \
\text { Total contributed capital } & 540,000
\end{array}$$ Required:
Prepare the stockholders' equity section of the balance sheet.

On December 31, 2014, Brave Corporation Reported the Following on Its