Question

TIUDICII ILUZA Iral LLEVCI SUDITISSIUM The stockholders' equity accounts of Concord Corporation on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 7,000 shares authorized) Common Stock ($4 stated value, 420,000 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 (7,000 common shares) $420,000 1,400,000 21,000 672,000 963,200 56,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Issued 7,000 shares of common stock for $42,000. Purchased 1,400 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Determined that net income for the year was $392,000. Paid the dividend declared on December 1.

dont know if that bottom part is right those are just the accounts i got

Answer 1

Journal Entries:

Date	Account Tittle	Debit	Credit
2022		$	$
Feb.1	Cash	42,000
	Common Stock		28,000
	Paid in Capital, in excess of stated value-Com. Stock		14,000
Mar.20	Treasury Stock	9,800
	Cash		9,800
Oct.1	Dividend-Preferred Stock	29,400
	Dividend Payable		29,400
	(420,000$\times$ 0.07)
Nov.1	Dividend Payable	29,400
	Cash		29,400
Dec.1	Dividend	174,300
	Dividend Payable- C. Stock		174,300
	[($1,400,000$\div$ $4) +7,000 - (7000+1,400] $\times$ $0.5= $174,300
Dec.31	Income Summary	392,000
	Retained Earning		392,000
Dec.31	Dividend Payable	174,300
	Cash		174,300
	Com. Stock dividend paid