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) |
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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