PRINTER VERSION BACK RCES rk Problem 11-3A (Part Level Submission) The stockhold

Question

PRINTER VERSION BACK RCES rk Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (896, $52 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock130,000 Paid-in Capital in Excess of Stated Value- Common Stock Retained Earnings Treasury Stock (10,000 common shares) $390,000 tudy 1,000,000 1,500,000 1,750,000 S0,000

Explanation / Answer

1-Feb Cash 124000       Common Stock 26000       Paid In Capital in excess of stated value 98000 14-Apr Cash 32400       Treasury stock 28000 =5600*5       Paid in capital from sale of Treasury stock 4400 3-Sep Patents 34000       Common Stock 4800       Paid In Capital in excess of stated value 29200 10-Nov Treasury stock 6100         Cash 6100 31-Dec Income Summary 435000       Retained Earnings 435000

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