Question

The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock...

The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows.

Preferred Stock (6%, $100 par noncumulative, 4,250 shares authorized) $255,000
Common Stock ($3 stated value, 350,000 shares authorized) 875,000
Paid-in Capital in Excess of Par Value—Preferred Stock 12,750
Paid-in Capital in Excess of Stated Value—Common Stock 560,000
Retained Earnings 686,000
Treasury Stock (4,250 common shares) 34,000


During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1 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.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially 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 Explanation

Debit

Credit

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title to record the net income

enter a debit amount

enter a credit amount

enter an account title to record the net income

enter a debit amount

enter a credit amount

(To record net income)

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title to close the cash dividends

enter a debit amount

enter a credit amount

enter an account title to close the cash dividends

enter a debit amount

enter a credit amount

(To close cash dividends)

choose a transaction date                                                                      Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

enter an account title to record the payment of cash dividends payable

enter a debit amount

enter a credit amount

enter an account title to record the payment of cash dividends payable

enter a debit amount

enter a credit amount

(To record payment of cash dividends payable)

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Answer #1
Answer
Date Accounts Titles and Explanation Debit Credit
(Figure in $)
Feb-01 Cash     32,640
Common Stock     16,320
Paid in capital in Excess of stated value- Common stock     16,320
Mar-20 Treasury Stock     13,500
Cash     13,500
Oct-01 Cash Dividends     15,300
Dividends Payable     15,300
Nov-01 Dividends Payable     15,300
Cash     15,300
Dec-01 Cash Dividends 1,45,679 Issued 2,91,667
Dividends Payable 1,45,679 Treasury stock     -4,250
(291,357 x $0.5) Additional Share Issued       5,440
Treasury stock Purchased     -1,500
2,91,357
Dec-31 Income Summary 2,75,600
Retained Earnings 2,75,600
Dec-31 Retained Earnings 1,60,979
Cash Dividends 1,60,979
($15,300 + $145,679)
Dec-31 Dividends Payable 1,45,679
Cash 1,45,679
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