The stockholders’ equity accounts of Ripley Corporation on January 1, 2022, were as follows. 

Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized).................$ 400,000 

Common Stock ($10 stated value, 800,000 shares authorized) .................1,500,000 

Paid-in Capital in Excess of Par Value—Preferred Stock .................55,000 

Paid-in Capital in Excess of Stated Value —Common Stock .................880,000 

Retained Earnings.................760,000 

Treasury Stock (8,000 common shares).................64,000

During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. 

Mar 1 Issued 6,000 shares of common stock for $85 per share. 

June 22 Purchased 1,000 additional shares of common treasury stock at $11 per share. 

Sept. 1 Declared a 8% cash dividend on preferred stock, payable October 1. 

Oct. 1 Paid the dividend declared on September 1. 

Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. 

31 Determined that net income for the year was $110,000. Paid the dividend declared on December 1. 

Instructions 

Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings.