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Problem 13-03A a-c (Video) The stockholders equity accounts of Castle Corporation on January 1, 2020, were as follows. Preferred stock (8%, $50 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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) $ 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders equity Feb. 1 Issued 25,000 shares of common stock for $120,000 Apr. 14 Sold 6,000 shares of treasury stock-common for $33,000 Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year.Your answer is partially correct. Try again Journalize the transactions and the closing entry for net income. (Record journal entries in the or Date Account Titles and Explanation Debit Credit Feb. 1 Cash 120000 Common Stock 25000 Paid-in Capital in Excess of Par-Common Stock 95000 Apr. 14 Cash 33000 Paid-in Capital from Treasury Stock 3000 Treasury Stock 30000 Sept. 3 Patents 35000 Common Stock 5000 Paid-in Capital in Excess of Par-Common Stock 30000 Nov. 10 Treasury Stock 6000 Cash 6000 Dec. 31 Income Summary 452000 Retained Earnings 452000Your answer is partially correct. Try again Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity account Preferred Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 400000 400000 Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 1000000 1000000 Feb. 1 05 25000 1025000 Sept. 3 05 5000 1030000 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref Debit Credit Balance Jan. 1 ▼| Balance 100000 100000 Paid-in Capital in Excess of Stated Valu Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 1450000 1450000 Feb. 1 15 95000 1545000 Sept. 3 15 30000 1575000 Paid-in Capital from Treasury Stock Date Explanation Ref Debit Credit Balance Apr. 14 15 3000 3000 Retained Earnings Date Explanation Ref Debit Credit Balance Jan. 1 ▼| Balance 1816000 1816000 Dec. 31 05 452000 2268000 Treasury Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 50000 50000 Apr. 14 15 30000 20000 Nov. 10 ▼ 15 6000 26000Your answer is partially correct. Try again Prepare a stockholders equity section at December 31, 2020. (Enter the account name only and CASTLE CORPORATION Balance Sheet (Partial) For the Year Ended December 31, 2020 Paid-in Capital 1030000 400000 Total Paid-in Capital 1430000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 100000 Paid-in Capital in Excess of Par-Common Stock 1575000 Paid-in Capital from Treasury Stock 3000 Total Additional Paid-in Capital 1678000 Retained Earnings 2268000 2268000 Total Paid-in Capital and Retained Earnings v Less ▼ 26000 Treasury Stock Total Stockholders Equity 5350000List Of Accounts Problem 13-03A a-c (Video) Accounts Receivable Cash Common Stock Equipment Income Summary Inventory Land Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Stock Retained Earnings Share Capital-Ordinary Share Capital-Preference Share Premium-Ordinary Share Premium-Preference Treasury Stock

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Answer #1

1. Entry of Feb 1 and Sept 3 will be credited with " Paid in Capital in excess of stated Value-Common stock" instead of "Paid in capital in excess of Par-Common stock"

2. In ledgers, the Posting for January 1 in all ledgers accounts, the amount will be posted only in balance column.

Preferred Sock 2 Date Explanation Debit Credit Balance Jan-01 Balance -$$ 4,00,000.00 Common Stock 6 Date Explanation Debit Credit Balance Jan-01 Balance -$10,00,000.00 9 Paid in capital in excess of Par- Preferred Stock 10 Date Explanation Debit Credit Balance Jan-01 Balance -$-$ 1,00,000.00 12 13 Paid in capital in excess of stated Value- Common Stock 14 Date 15 16 17 18 Date 19 20 21 22 Date Explanation Debit Credit Balance Jan-01 Balance $- $14,50,000.00 Retained Earnings Explanation Debit Credit Balance Jan-01 Balance 18,16,000.00 Treasury Stock Explanation Debit Credit Balance Jan-01 Balance $-$ 50,000.00

As on December 31, 2020 Liabilities and Stockholders Equity Stockholders Equity Authorised, Issued and Outstanding Share Capital- Ordinary Share Capital- Preference Paid in Capital Additional Paid in Capital Paid in capital in excess of Par- Preferred Stock Paid in capital in excess of stated Value- Common Stock Paid in Capital from Treasury stock Total additional Paid in Capital Total Paid in Capital Retained Earnings Total Paid in Capital and Reatined Earning Less Treasury Stock Total Stockholders Equity 10,30,000.00 $ 4,00,000.00 $ 14,30,000.00 $ 1,00,000.00 $ 15,75,000.00 $3,000.00 $16,78,000.00 S 31,08,000.00 $ 22,68,000.00 $ 53,76,000.00 $ 26,000.00 $53,50,000.00

Note: In case of any clarification, please do comment. Thank you.

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