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b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.) c)
b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.)
c) Prepare a stockholders equity section at December 31, 2015, including the disclosure of the preferred dividends in arrears.
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Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, $48 par, cumulative, 10,900 shares authorized) $ 369,600 Common Stock ($1 stated value, 1,980,600 shares authorized) 1,087,000 Paid-in Capital in Excess of Par-Preferred Stock 103,200 Paid-in Capital in Excess of Stated Value-Common Stock 1,414,900 Retained Earnings 1,808,600 Treasury Stock (10,500 common shares) 42,000 During 2015, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,600 shares of common stock for $120,900. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,400. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $34,600. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $479,300. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automaticall Debit Credit Date Account Titles and Explanation Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31Step by Step Solution
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