Question

Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Concord Corporation on January 1, 2019, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 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 (10,500 common shares) $ 425,000 1,150,000 105,000 1,450,000 1,850,000 42,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $116,000. Sold 5,800 shares of treasury stock-common for $33.900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $450,000. No dividends were declared during the year.

Answer 1

		PREFERRED STOCK
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
					Beginning Balance	$425,000
		PAID IN CAPITAL IN EXCESS OF PAR VALUE-PREFERRED STOCK
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
					Beginning Balance	$105,000
		COMMON STOCK
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
					Beginning Balance	$1,150,000
				Feb,1	Cash	$25,500	(25500*$1)
				Sep,3	Patent	$5,200	(5200*$1)
		PAID IN CAPITAL IN EXCESS OF PAR VALUE-COMMON STOCK
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
					Beginning Balance	$1,450,000
				Feb,1	Cash	$90,500	(116000-25500)
				Sep,3	Patent	$30,700	(35900-5200)
		RETAINED EARNINGS
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
					Beginning Balance	$1,850,000
				Dec,31	Income and Expense Summary	$450,000
		PAID IN CAPITAL FROM TREASURY STOCK
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
				April,14	Cash	$10,700	(33900-23200)
		TREASURY STOCK
	Date	DESCRIPTION	DEBIT	Date	DESCRIPTION	CREDIT
		Beginning Balance(10500 shares)	$42,000
	Nov, 10	Cash(1100 shares)	$6,000	April,14	Cash(5800 shares)	$23,200	(42000/10500)*5800