Question

Problem 15-USA a-c (Part Level Submission) (Video) The stockholders' equity accounts of Riverbed Corporation on January 1, 2020, were as follows. Enter the beginning balances in the accounts, and post the journal entries to the st Preferred Stock Date Explanation Ref. Debit Credit Balance Preferred Stock (8%, $50 par, 10,500 shares authorized) Common Stock ($1 stated value, 2,100,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 425,000 1,500,000 110,000 1,450,000 1,850,000 50,000 425000 Jan. 1 Balance Common Stock Date Explanation Ref. Jan. 1 Balance Debit Credit Balance 1500000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equ Feb. 1 26000 1526000 Feb. 1 Issued 26,000 shares of common stock for $122,000. Apr. 14 Sold 5,700 shares of treasury stock-common for $33,700. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $34,700. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $450,000. 5 No dividends were declared during the year. Sept. 3 T 51001 1531100 Paid-in Capital in Excess of Par Preferred Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 110000 Paid-in Capital in Excess of Stated Value Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance TT 1450000 Your answer is correct. Journalize the transactions and the dosing entry for net income. (Rece Date Account Titles and Explanation Credit Feb. 1 1544000 Feb. 1 cash 359 35 9 4000 29600 T Sept. 3 1 29600 1573600 1573600 Common Stock Paid-in Capital in Excess of Stated Value-Comm Paid-in Capital from Treasury Stock Date Explanation Ref. 222222 Debit Balance Credit Apr. 14 cash 521 5200 1 5200 Treasury Stock Sool TApr. 14 Retained Earnings Date Explanation Ref. Jan. 1 Balance v Debit Credit Paid-in Capital from Treasury Stock PS Balance 1850000 | Sept. 3 patents Dec. 31 J5 480000 T 2330000 - Common Stock Treasury Stock Date Explanation Ref. - Paid-in Capital in Excess of Stated Value-Comm Debit Credit Balance Nov. 10 - Jan. 1 Balance T 50000 O Treasury Stock I Cash Income Summary TApr. 14 28500 T 21500 Dec. 31 Nov. 10 35 5700 27200 Retained Earings Click if you would like to Show Work for this question: Open Show Work

Answer 1

Paid in capital in excess of stated value-Common stock Date Explanation Debit Credit Balance Jan. 1 Bal. 1,450,000 Feb. 1 96,000 1,546,000 Sept. 3 29,600 1,575,600