Ask for Help to fully resolve questions to A and B:

Anne Cleves Company reported the following amounts in the stockholders equity section of its December 31, 2013, balance sheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 2,410 shares issued)		$241,000
Common stock, $5 par (111,350 shares authorized, 22,270 shares issued)		111,350
Additional paid-in capital		132,600
Retained earnings		479,200
Total		$964,150

During 2014, Cleves took part in the following transactions concerning stockholders equity.

1.		Paid the annual 2013 $10 per share dividend on preferred stock and a $3 per share dividend on common stock. These dividends had been declared on December 31, 2013.
2.		Purchased 1,600 shares of its own outstanding common stock for $40 per share. Cleves uses the cost method.
3.		Reissued 670 treasury shares for land valued at $31,400.
4.		Issued 560 shares of preferred stock at $106 per share.
5.		Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.
6.		Issued the stock dividend.
7.		Declared the annual 2014 $10 per share dividend on preferred stock and the $3 per share dividend on common stock. These dividends are payable in 2015.

(a) Prepare journal entries to record the transactions described above. (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.)

a. Journal

No.	Account Name	Debit	Credit
1.	Dividends payable- Preferred stock	24100
	Dividends payable- Common stock	66810
	Cash		90910
2.	Treasury stock	64000
	Cash		64000
3.	Land	31400
	Additional paid in capital		4600
	Treasury stock		26800
4.	Cash	59360
	Preferred stock		56000
	Additional paid in capital		3360
5.	Retained earnings [21340 shares x 10% x $46]	98164
	Common Stock Dividend Distributable		10670
	Additional paid-in capital		87494
6.	Common Stock Dividend Distributable	10670
	Common Stock		10670
7.	Retained earnings [($10 x 2970)+($3x23474)]	100122
	Dividend payable-Preferred Stock
	Dividends payable- Common stock

b) Prepare the December 31, 2014, stockholders equity section. Assume 2014 net income was $344,600.(Enter account name only .Do not provide any descriptive information.)

ANNE CLEVES COMPANY Stockholders Equity December 31, 2014

Equity Section

Capital stock

Total capital stock

Additional paid in capital

228054

Total Paid in capital

Retained earnings

379078

Less - Treasury stock

-37200

Total Stockholder Equity