Homework Answers
| Date | Account titles and explanation | Debit | Credit |
| Jan 11 | Cash (19500*$15) | $292500 | |
| Common stock (19500*$10) | $195000 | ||
| Paid-in capital in excess of par- Common stock (292500-195000) | $97500 | ||
| (To record common stock issued) | |||
| Feb 1 | Equipment | $53300 | |
| Building | $152000 | ||
| Land | $295000 | ||
| Preferred stock (4100*$100) | $410000 | ||
| Paid-in capital in excess of par- Preferred stock (53300+152000+295000-410000) | $90300 | ||
| (To record preferred stock issued) | |||
| July 29 | Treasury stock (1600*$16) | $25600 | |
| Cash | $25600 | ||
| (To record treasury stock purchased) | |||
| Aug 10 | Cash (1600*$14) | $22400 | |
| Retained earnings (25600-22400) | $3200 | ||
| Treasury stock (1600*$16) | $25600 | ||
| (To record treasury stock sold) | |||
| Dec 31 | Retained earnings | $35525 | |
| Dividend payable | $35525 | ||
| (To record dividend declared on common and preferred stock) | |||
| Dec 31 | Income summary | $158400 | |
| Retained earnings | $158400 | ||
| (To record transferred of net income to retained earnings) | |||
Common dividend payable= (19500-1600+1600)*$0.35= $6825
Preferred dividend payable= 4100*$100*7%= $28700
Total dividend payable= $6825+28700= $35525
| PRONGHORN CORPORATION | ||
| Stockholders' Equity | ||
| December 31, 2020 | ||
| Capital stock: | ||
| Preferred stock | $410000 | |
| Common stock | 195000 | |
| Total capital stock | 605000 | |
| Additional Paid-in capital | ||
| Paid-in capital in excess of par- Preferred stock | 90300 | |
| Paid-in capital in excess of par- Common stock | 97500 | |
| 187800 | ||
| Total paid-in capital | 792800 | |
| Add: Retained earnings | 119675 | |
| Total Stockholders' Equity | $912475 | |
Retained earnings= $158400-3200-35525= $
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