FILL IN BALANCE SHEET
The stockholders' equity accounts of Tamarisk, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 400,000 1,250,000 130,000 1,450,000 1,800,000 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 14 Apr. Sept. Nov. 3 Issued 24,000 shares of common stock for $123,000. Sold 6,000 shares of treasury stock-common for $33,800. Issued 4,700 shares of common stock for a patent valued at $34,800. Purchased 1,000 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $430,000. 10 Dec. 31 No dividends were declared during the year. (a) Your Answer Correct Answer Your answer is correct. Journalize the transactions and the closing entry for net income. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 123000 Common Stock 24000 Paid-in Capital in Excess of Stated Value-Common Stock 99000 Apr. 14 Cash 33800 Treasury Stock 24000 Paid-in Capital from Treasury Stock 9800 (a) Your Answer Correct Answer Your answer is correct. Journalize the transactions and the closing entry for net income. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 123000 Common Stock 24000 Paid-in Capital in Excess of Stated Value-Common Stock 99000 Apr. 14 Cash 33800 Treasury Stock 24000 Paid-in Capital from Treasury Stock 9800 Sept. 3 Patents 34800 Common Stock 4700 Paid-in Capital in Excess of Stated Value-Common Stock 30100 Nov. 10 Treasury Stock 5800 Cash 5800 Dec. 31 Income Summary 430,000 Retained Earnings 430000 (b) Your answer is correct. Enter the beginning balances in the accounts, and post the journal entries to the stockholdersequity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Jan. 1 Bal. 400000 Dec. 31 Bal. 400000 Paid-in Capital in Excess of Par-Preferred Stock Jan. 1 Bal. 130000 Dec. 31 Bal. 130000 Common Stock Jan. 1 Bal. 1250000 Feb. 1
