Question

Problem 11-2A (Part Level Submission) 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. Collapse question part (a) Correct answer. Your answer is correct. 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 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To record net income) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To close cash dividends) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To record payment of cash dividends payable) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 3 of 15 used Collapse question part (b) Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value—Preferred Stock Paid-in Capital in Excess of Stated Value—Common Stock Retained Earnings Cash Dividends Treasury Stock Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 0 of 15 used SAVE FOR LATER SUBMIT ANSWER Expand question part (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Expand question part (d) The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 1