11-2A (Part Level Submission)

The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows.

Preferred Stock (8%, $100par noncumulative,5,200shares authorized)$312,000Common Stock ($3stated value,307,900shares authorized)738,960Paid-in Capital in Excess of Par ValuePreferred Stock15,600Paid-in Capital in Excess of Stated ValueCommon Stock492,640Retained Earnings698,300Treasury Stock(5,200common shares)41,600

During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb.1Issued5,000shares of common stock for $30,000.Mar.20Purchased1,070additional shares of common treasury stock at $8per share.Oct.1Declared a8% cash dividend on preferred stock, payable November 1.Nov.1Paid the dividend declared on October 1.Dec.1Declared a $0.60per share cash dividend to common stockholders of record on December 15, payable December 31, 2014.Dec.31Determined that net income for the year was $276,500. Paid the dividend declared on December 1.

(a)

Journalize the transactions.(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

(To record net income)

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

(To close cash dividends)

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

(To record payment of cash dividends payable)

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(b)

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(c)

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(d)

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