$-15$

Mar. $1$ issued $6,900$ shares of common stock for $$85$ per share.

June $22$ Purchased $2,000$ additional shares of common treasury stock at $$11$ per share.

Sept. $1$ Declared a $10\%$ cash dividend on preferred stock, payable October $1.$

Oct. $1$ Paid the dividend declared on September $1.$

Dec. $1$ Declared a $$0\mathrm{.}70$ per share cash dividend to common stockholders of record on December $15,$ payable December $31,$

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

Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. $($Record joumal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entrles before credit entrles.$)$

Date

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Debit

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$($To close net income$)$

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$($To close dividends$)$

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$($To record payment of the dividend declared on December $1)$

Credit

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