(Solved by Humans)-Problem 8.1 The following account balances can be found in the general ledger section of Brendan...

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Problem 8.1 The following account balances can be found in the general ledger section of Brendan Supply Corporation at year-end. Prepare shareholders equity section of the balance sheet. Retained earnings $ 350,000 Treasury stock (5,000 common shares at cost) 45,000 Common stock ($1 par, $ 500,000 shares authorized, 125,000 shares issued) Additional paid-in capital, common stock 125,000 1,575,000 Document Preview: Problem 8.1 The following account balances can be found in the general ledger section of Brendan Supply Corporation at year-end. Prepare shareholders’ equity section of the balance sheet. Retained earnings $ 350,000 Treasury stock (5,000 common shares at cost) 45,000 Common stock ($1 par, $ 500,000 shares authorized, 125,000 shares issued) 125,000 Additional paid-in capital, common stock 1,575,000 Preferred stock ($7 par value, 9%, 80,000 shares authorized, 25,000 shares issued) 175,000 Additional paid-in capital, preferred stock 70,000 Problem 8.1 The following account balances can be found in the general ledger section of Brendan Supply Corporation at year-end. Prepare shareholders’ equity section of the balance sheet. Retained earnings $ 350,000 Treasury stock (5,000 common shares at cost) 45,000 Common stock ($1 par, $ 500,000 shares authorized, 125,000 shares issued) 125,000 Additional paid-in capital, common stock 1,575,000 Preferred stock ($7 par value, 9%, 80,000 shares authorized, 25,000 shares issued) 175,000 Additional paid-in capital, preferred stock 70,000