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The stockholders’ equity accounts of Marigold Corp. on January 1, 2017, were as follows.

Preferred Stock (8%, $100 par noncumulative, 4,700 shares authorized) $282,000
Common Stock ($4 stated value, 325,000 shares authorized) 1,083,333
Paid-in Capital in Excess of Par Value—Preferred Stock 14,100
Paid-in Capital in Excess of Stated Value—Common Stock 520,000
Retained Earnings 701,000
Treasury Stock (4,700 common shares) 37,600

During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 5,150 shares of common stock for $36,050.
Mar. 20 Purchased 1,300 additional shares of common treasury stock at $8 per share.
Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec. 31 Determined that net income for the year was $284,000. Paid the dividend declared on December 1.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)


Date Account Titles and Explanation Debit Credit To record net income) To close cash dividends)

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Answer #1

Journal entries 1 Date 2 Feb. 1 Cash Account Titles and Explanation Debit Credit S36,050 Common stock Paid-in C o record common stock is S20,600 $15,450 in Excess of Stated Vaue Common Stoc 7Mar. 20 Tre stock $10,400 Cash To record trea $10,400 stock 10 11 Oct. Dividends 12 13 14 15 Nov. 1 Preferred dividend payable 16 17 18 19 Dec. 1 Dividends 20 21 S22,560 Preferred dividend o record preferred dividend declare le S22,560 S22,560 S22,560 Cash o record preferred dividend S229,486 Common dividend o record common dividend dec S229,486 23 Dec. 31 Income 24 25 26 27 28 29 30 31 32 S284,000 Retained e o record net income S284,000 Retained earnings S252,046 S252,046 Dividends o close cash dividends Common dividend S284,000 Cash S284,000 o record common ddend

Calculations are shown below: 1 Date Account Titles and Explanation Debit Credit 2 Feb. 1 Cash 36050 Common stock Paid- -5150

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