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CCould you show me how you got the answers by showing the work. Thank you! Your answer is partially correct. Try again. The stockholders' equity
CCould you show me how you got the answers by showing the work. Thank you!
Your answer is partially correct. Try again. The stockholders' equity accounts of Vaughn Manufacturing on January 1, 2022, were as follows. Preferred Stock (9%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value - Common Stock Retained Earnings Treasury Stock (9,000 common shares) $380,000 1,530,000 58,000 860,000 760,000 72,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Mar 1 Issued 6,400 shares of common stock for $80 per share. June 22 Purchased 1,100 additional shares of common treasury stock at $11 per share. Sept. 1 Declared a 9% cash dividend on preferred stock, payable October 1. Oct. 1 Paid the dividend declared on September 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. 31 Determined that net income for the year was $129,000. 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 journal 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 o for the amounts.) Credit Date Account Titles and Explanation Mar. 1 Cash Common Stock Debit 4512000 64000 1448000 Paid-in Capital in Excess of Stated Value-Common Stock 12100 112100 June 22 Treasury Stock Cash Sept. 1Cash Dividends Dividends Payable Poct. 1 bividends Payable 34200 134200 34200 Dec. 1 Cash Dividends Dividends Payable Dec. 31 Income Summary Retained Earnings (To close net income) bec. 31 Retained Earnings 194980 154980 129,000 1129,000 129180 3 129180 Cash Dividends (To close dividends) Dec. 31 Dividends Payable 1549805 5|54980 cash (To close cash dividends paid)Step by Step Solution
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