Common Stock ($ 3 stated value, 336,000 shares authorized)
840,000
Paid-in Capital in Excess of Par ValuePreferred Stock
12,600
Paid-in Capital in Excess of Stated ValueCommon Stock
537,600
Retained Earnings
691,500
Treasury Stock ( 4,200 common shares)
33,600
During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.
Feb.
1
Issued 4,880 shares of common stock for $ 34,160.
Mar.
20
Purchased 1,650 additional shares of common treasury stock at $ 8 per share.
Oct.
1
Declared a 7% cash dividend on preferred stock, payable November 1.
Nov.
1
Paid the dividend declared on October 1.
Dec.
1
Declared a $ 0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.
31
Determined that net income for the year was $ 278,300. Paid the dividend declared on December 1.
Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)
Preferred Stock
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Common Stock
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Paid-in Capital in Excess of Par ValuePreferred Stock
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Paid-in Capital in Excess of Stated ValueCommon Stock
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Retained Earnings
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Cash Dividends
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Treasury Stock
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit amount
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a debit balance
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal.
enter a credit balance
Answer & Explanation
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