| d WileyPLUS Ch 11.pdf Ch 9.pdf ch 10 part 1.pdf Ch 10 part 2.pdf ? ? ? ? ?http
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Question
| d WileyPLUS Ch 11.pdf Ch 9.pdf ch 10 part 1.pdf Ch 10 part 2.pdf ? ? ? ? ?https://edugen.wileyplus.com/ed Return to Blackboard WileyPLms Aersn emens l, Accounting, 6c ASSIGNMENT Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Pronghorn Corp, on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,250 shares authorized) Common Stock ($3 stated value, 350,000 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 (4,250 common shares) $255,000 875,000 12,750 560,000 686,000 34,000 vel Submissi During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. Issued 5,440 shares of common stock for $32,640. Mar. 20 Purchased 1,500 additional shares of common treasury stock at $9 per share Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $0.50 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 $275,600. Paid the dividend declared on December 1. Review Results by ] Your answer is correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanationn Debit Credit Feb. 1 0 Type here to search di c?ENG 8:42 PM 4/25/2018 ? ^Explanation / Answer
SOLUTION
* Dec.1
No. of shares- 875,000 / 3 = 291,667 common shares issued
291,667 - 4,250 = 287,417 common shares outstanding
Total = 287,417 + 5,440 - 1,500 = 291,357
Date Account titles and Explanation Debit ($) Credit ($) Feb.1 Cash 32,640 Common stock (5,440 * $3) 16,320 Paid-in Capital in Excess of Stated Value - Common Stock 16,320 Mar.20 Treasury stock (1,500 * $9) 13,500 Cash 13,500 Oct.1 Retained earnings (255,000 * 6%) 15,300 Dividend payable 15,300 Nov.1 Dividend payable 15,300 Cash 15,300 Dec.1 Retained earnings * (291,357 * $0.50) 145,679 Dividend payable 145,679 Dec.31 Income summary 275,600 Retained earnings 275,600 Dividend payable 145,679 Cash 145,679Related Questions
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