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iew History Bookmarks People Window Help 4)?4% ? WileyPLUS b For the trading securities t x x Less Unrealized Loss Non Tr x edugen.wileyplus.com/edugen/student/mainfr.uni ment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN Problem 11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2019, were as follows. Preferred Stock (896, $50 par, cum ulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $120,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $452,000 No dividends were declared during the year Your answer is partially correct. Try again. Journalize the transactions and the closing entry for net income. (Record journal entries in the order present account titles are automatically indented when amount is entered. Do not indent manually. If no entry for the account titles and enter 0 for the amounts.) CreditExplanation / Answer
castle Corporation Balance Sheet December 31 2019 Stockholder Equity Paid in capital Capital stock Preferred Stock (8%,$50 par cumulative 10000 shares authorized 8000 shares issued and outstanding) $400,000 Common stock ($1 stated value 2000000 shares authorized 1030000 issued and 1024000 outstanding 1030000 Total capital stock $1,430,000 Additional Paid in capital Paid in capital in excess of par-Preferred stock 100000 Paid in capital in excess of stated value-Common stock (1450000+95000+30000) 1575000 Paid in capital from Treasury stock 3000 Total Additional Paid in capital 1678000 Total paid in capital $3,108,000 Retained Earnings (1816000+452000) 2268000 Total paid in capital and Retained Earnings $5,376,000 Less:Treasury stock (6000 common shares at cost) (20000+6000) -26000 Total stockholder Equity $5,350,000
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