t View History Bookmarks Window Help D Sun 8: edugen wileyplus.conm ACC-102-OLA-

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t View History Bookmarks Window Help D Sun 8: edugen wileyplus.conm ACC-102-OLA-FA1 ractice Gradebook ORION Downloadable eTextbook gnment Problem 11-2A (Part Level Submission) The stockholders" equity accounts of Cheyenne Corp, on January 1, 2017, were as follows Preferred Stock (7%, 100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 310,000 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 (4,400 common shares) $264,000 1,033,333 13,200 496,000 683,500 35,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 4,620 shares of common stock for $32,340. Mar. 20 Purchased 1,250 additional shares of common treasury stock at $8 per share. Oct. 1 Dedared a 7% cash dividend on preferred stock, payable November 1. Nov. Paid the dividend declared on October 1. Dec. 1 Declared a $o.85 per share cash dividend to common stockhoilders of record on December IS, Dec. 31 Determined that net income for the year was $278,200. Paid the dividend deciared on December 1. payathe December 31, 2017 Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do no manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts Round answers to o Version 4.24.9 .2000-2018 letnmitrisons, Wiley & Sons Inc. All Rights Reserved. A Division of Jahn Wiey &5ons All Rights reacceler

Explanation / Answer

Date Account Title and Explanation Debit Credit Feb. 1 Cash $32,340 To Common Stock (4620*4) $18,480 To Paid-in Capital Excess of Stated Value $13,860 Mar. 20 Treasury Stock $10,000 To Cash $10,000 (1250*8) Oct. 1 Cash dividend $18,480 To Dividends Payable $18,480 (264000*7%) Nov.1 Dividends Payable $18,480 To Cash $18,480 Dec.1 Cash Dividend $214,781 To Dividends Payable $214,781 ((1033333/4) - 4400 - 1250)*0.85 (258333-4400-1250)*0.85 Dec. 31 Income Summary $278,200 To Retained Earnings $278,200 Dec. 31 Retained Earnings $214,781 To Cash Dividends $214,781 Dec. 31 Dividends Payable $214,781 To Cash $214,781

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