The stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows.
Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) | $ 425,000 | |
Common Stock ($1 stated value, 1,950,000 shares authorized) | 1,150,000 | |
Paid-in Capital in Excess of Par—Preferred Stock | 105,000 | |
Paid-in Capital in Excess of Stated Value—Common Stock | 1,450,000 | |
Retained Earnings | 1,850,000 | |
Treasury Stock (10,500 common shares) | 42,000 |
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb. | 1 | Issued 25,500 shares of common stock for $116,000. | |
Apr. | 14 | Sold 5,800 shares of treasury stock—common for $33,900. | |
Sept. | 3 | Issued 5,200 shares of common stock for a patent valued at $35,900. | |
Nov. | 10 | Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. | |
Dec. | 31 | Determined that net income for the year was $450,000. |
Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts.
Preferred Stock
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Common Stock
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Paid in capital in excess of par - preferred stock
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Paid in capital in excess of par-common stock
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Retained Earnings
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