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nent Credit Debit Account Titles and Explanation Date 124000 Jan. 1 Cash 24000 Common Stock 100000 Paid-in Capital in Excess of Stated Value-Commor 33400 Apr. 14 Cash 22000 Common Stock 11400 Paid-in Capital from Treasury Stock 34000 Sept. 3 Patents 4900 Common Stock Paid-in Capital in Excess of Stated Value-Commor 29100 Nov. 10# 6100 Treasury Stock 6100 Cash Dec. 31 # Income Summary 43500 Retained Earnings 43500 Preferred Stock Balance Credit Debit Explanation Ref. Date C Balance Common Stock Credit Balance Debit Explanation Ref. Date Balance J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Balance Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Paid-in Capital from Treasury Stock NALIA CHO J5 Paid-in Capital from Treasury Stock Balance Credit Debit Explanation Ref. Date J5 Retained Earnings Credit Balance Debit Explanation Ref. Date V Balance J5 Treasury Stock Explanation Ref. Credit Balance Date Debit Balance J5 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT 5 Balance Sheet (Partial) December 31, 2020 Capital Stock $ $ Problem 13-03A a-c (Video) The stockholders' equity accounts of Pronghorn Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $52 par, 10,000 shares authorized) $390,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,300,000 Paid-in Capital in Excess of Par-Preferred Stock 105,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,500,000 Retained Earnings 1,800,000 Treasury Stock (11,000 common shares) 44,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $124,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $33,400. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $34,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $435,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order preser indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 124000

Answer 1

Pronghorn Corporation Journal Enteries Debit in $ Credit in $ Particulars Date Cash a/c 124000 1.2.2020 Dr. To Common Stock 24000 To Paid In Capital 100000 (Common Stock issued) 14.4.2020 Cash a/c 33400 Dr. To Treasury Stock To Paid In Capital 22000 1 (Treasury stock issued) Patents a/c 3.9.2020 Dr. 34000 To Common Stock 4900 To Paid In Capital 29100 (Common Stock issued) 10.11.2020 Treasury Stock a/c Dr. 6100 To Cash 6100 (Treasury Stock purchased) 31.12.2020 Income Summary a/c To Retained Earnings Dr. 435000 435000 (Profit transferred)

Preferred Stock Explanation Debit Credit Balance Date Balance 390000 1.1.2020 390000 Common Stock Explanation Debit Credit Balance Date Balance 1.1.2020 1300000 1300000 Cash 1324000 1.2.2020 24000 1328900 3.9.2020 Patents 4900 Paid in Capital in excess of par Preferred Explanation Debit Credit Balance Date Balance 105000 1.1.2020 105000 Paid in Capital in excess of par Common Explanation Debit Credit Balance Date Balance 1.1.2020 1500000 1500000 Cash 1.2.2020 100000 1600000 Patents 29100 1629100 3.9.2020 Retained Earnings Explanation Debit Credit Balance Date Balance 1,1.2020 1800000 1800000 31.12.2020 Income Summary 435000 2235000 Treasury Stock Explanation Debit Credit Balance Date Balance 44000 1.1.2020 44000 14.4.2020 Cash 22000 22000 10.11.2020 Cash 6100 28100

Balance sheet- Partial As at 31.12.2020 Capital Stock Preferred Stock (8%.$52 par, 10000 shares authorized,7500 shares issued) 390000 Common Stock ($1 stated value, 2000000 shares authorized,1328900 shares issued, 1322300 shares outstanding 1328900 Total Capital in stock 1718900 Paid in Capital in excess of par Preferred 105000 Paid in Capital in excess of par Common 1629100 Total Paid in Capital Retained Earnings 3453000 2235000 5688000 Treasury Stock -28100 Total Stockholders Equity 5659900