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can someone help me solve this~~ thanks~` Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Pronghorn Corp. on January 1, 2017, were as
can someone help me solve this~~ thanks~`
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 686,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. Issued 5,000 shares of common stock for $30,000. 1 Mar, 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. 6% cash dividend on preferred stock, payable November 1 Oct Declared 1 Nov. 1 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Determined that net income for the year was $275,600. Paid the dividend declared on December 1 Dec. 1 Dec. 31 (a) (a) Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manu required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places Date Credit Account Titles and Explanation Debit 30,000 Feb. 1 Cash 20000 Common Stock 10000 Paid-in Capital in Excess of Stated Value-Commor Treasury Stock 9000 Mar. 20 9000 Cash 18000 Oct. 1 Cash Dividends Dividends Payable 18000 Dividends Payable 18000 Nov. 1 18000 Cash Cash Dividends 124500 Dec. 1 X Dividends Payable 124500 275,600 Income Summary Dec. 31 Retained Earnings 275,600 (To record net income) Retained Earnings 232650 Dec. 31 232650 Cash Dividends (To close cash dividends) Dividends Payable 124500 Dec. 31 124500 Cash (To record payment of cash dividends payable) Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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