Question

Exercise 15-18 Flint Company reported the following amounts in the stockholders equity section of its December 31, 2019, balPrepare journal entries to record the transactions described above. (Credit account titles are automatically indented when am5. T Retained Earnings 65,600 T Common Stock Dividend Distributable 8000 T Paid-in Capital in Excess of Par - Common Stock 57FLINT COMPANY Stockholders Equity December 31, 2020 Capital Stock Preferred Stock TCommon Stock Total Capital Stock Addition

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Account Titles Debit Credit
5 Retained Earnings $            82,000 =(20900-1600+700)*10%*41
    Common Stock Dividend Distributable $        10,000 =(20900-1600+700)*10%*5
    Paid in capital in excess of par- Common stock $        72,000 =82000-10000
6 Common Stock Dividend Distributable $            10,000
      Common Stock $        10,000
7 Retained Earnings $            72,930
Dividend Payable - Preferred $        28,930 =(2100+530)*11
Dividend Payable - Common $        44,000 =(20900-1600+700+2000)*2
Shareholder's Equity
Capital Stock
Preferred Stock $        2,63,000 =210000+53000
Common Stock $        1,14,500 =104500+10000
Total Capital Stock $        3,77,500
Additional Paid in capital $        2,12,110 =135000+1400+3710+72000
Total Paid in capital $        5,89,610
Retained Earnings $        3,37,070 =492000-82000-72930
Total Paid in capital and Retained Earnings $        9,26,680
Less : Treasury Stock $            35,100 =900*39
Total Stockholder's Equity $        8,91,580
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