The stockholders' equity accounts of Ripley Corporation on January 1, 2025, were as follows.

During 2025, 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 an \(8 \%\) 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, 2025.

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.

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Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 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 (8,000 common shares) $ 400,000 1,500,000 55,000 880,000 760,000 64,000