The stockholders\' equity accounts of Miley Corporation on January 1, 2014, were

Question

The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,100 shares authorized) Common Stock ($3 stated value, 337,600 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 (4,100 common shares) $246,000 810,240 12,300 270,080 683,100 32,B00 During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,900 shares of common stock for $29,400. Mar. 20 Purchased 1,740 additional shares of common treasury stock at $B per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov.i Paid the dividend declared on October 1 Dec. 1 Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Determined that net income for the year was $279,200. Paid the dividend declared on December 1. Dec. 31

Explanation / Answer

Dec 1 Dividends $218,592 to Dividends payable $218,592 (270,080 +4900 - 1740 *80) Dec 31 Dividends $218,592 To Dividends payable $218,592

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