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te Apply! My Applic ×Y+MyGateway Home-nocccd +Create & Print Schedule/Bill C 2017-CC-Fall-Class Sched re https://edugen wileyplus.com/edugen/lti/main.uni Return to Blackboard Kimmel, Accounting, 6e Help I System Announcements ssignment CES Problem 11-2A The stockholders' equity accounts of Marigold Corp, on January 1, 2017, were as follows Preferred Stock (8%, $100 par noncumulative, 4,700 shares authorized) Common Stock ($4 stated value, 325,000 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 (4,700 common shares) $282,000 1,083,333 14,100 520,000 701,000 37,600 dy During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. Nov. Dec. Issued 5,150 shares of common stock for $36,050. Purchased 1,300 additional shares of common treasury stock at $8 per share. Declared a 8% cash dividend on preferred stock, payable November 1, Paid the dividend declared on October 1. 1 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $284,000. Paid the dividend declared on December 1. Dec. 31 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 O for the amounts. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Ivacy Policy 1 2000-2017 2ohn Wiley&Sons.Inc.;, All Rights Reserved. A Division of 2ohn. Wiley&5ons.InsExplanation / Answer
Date
Details
Amount $
Dr A/c
Cr A/c
2017
Feb 1
Common stock issue ( 5150 shares)
20,600
Cash
Common Stock
Excess of Par Common Stock
15450
Cash
Excess of Par
Common Stock
Mar 20
Bought Treasury Stock 1300 shares @ $8
10400
Treasury
Stock
Cash
Oct 1
Dividend on Preferred Stock
8% x $282,000
22560
Pref Dic A/c
Pref Div Payable
Nov 1
22560
Pre Div Payable
Cash
Dec 1
Common Stock Div .85 x shares, Div declared on Common Stock
234585
Ord Dic A/c
Common Stock Div Payable
Dec 31
Transfer of Profit for Year
284000
Income Statement
Retained Earnings
Dec 31
Div paid on Common Stock
234585
Common Stock
Div Payable
Cash
8% PREF STOCK
$
B/F
282000
COMMON STOCK
B/F
1083333
FEB CASH
1
20600
1103933
EXCESS OF PAR
PRE STOCK
B/F
14100
EXCESS OF PAR
COMMON STOCK
B/F
20000
FEB
1 CASH
15450
35450
TREASURY STOCK
B/D
37600
CASH
10400
48000
PREF DIV PAYABLE
NOV 1 CASH
22560
OCT 1 PRE DIV
22560
RETAINED EARNINGS
OCT 1 PREF DIV
22560
B/D
701000
DEC 1 ORD DIV
234585
CURRENT YEAR PROFIT
284000
B/D
727855
985000
985000
COMMON STOCK DIV PAYABLE
DEC 31 CASH
234585
DEC 1 ORD DIV
234585
Date
Details
Amount $
Dr A/c
Cr A/c
2017
Feb 1
Common stock issue ( 5150 shares)
20,600
Cash
Common Stock
Excess of Par Common Stock
15450
Cash
Excess of Par
Common Stock
Mar 20
Bought Treasury Stock 1300 shares @ $8
10400
Treasury
Stock
Cash
Oct 1
Dividend on Preferred Stock
8% x $282,000
22560
Pref Dic A/c
Pref Div Payable
Nov 1
22560
Pre Div Payable
Cash
Dec 1
Common Stock Div .85 x shares, Div declared on Common Stock
234585
Ord Dic A/c
Common Stock Div Payable
Dec 31
Transfer of Profit for Year
284000
Income Statement
Retained Earnings
Dec 31
Div paid on Common Stock
234585
Common Stock
Div Payable
Cash
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