Manti Company had the following account balances on its balance sheet at December 31, 2011, the end of its first year of operations. All stock was issued on a subscription basis.

Common stock subscriptions receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000

Common stock, $1 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000

Common stock subscribed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000

Paid-in capital in excess of par—common . . . . . . . . . . . . . . . . . . . . . . . . . . 348,000

8% preferred stock, $100 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000

Paid-in capital in excess of par—8% preferred . . . . . . . . . . . . . . . . . . . . . . . . 60,000

10% preferred stock, $50 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000

The reported net income for 2011 was $55,000. Assume that revenues and expenses were closed to a temporary account, Income Summary. Use this account to complete the closing process.

Instructions:

From the data given, reconstruct in summary form the journal entries to record all transactions involving the company’s stockholders. Indicate the amount of dividends distributed on each class of stock.