FILL IN THE BLANKS

The stockholders' equity accounts of Tamarisk, Inc. on January 1, 2022, were as follows. $ 400,000 1,250,000 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) 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. 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. Nov. 10 Dec. 31 No dividends were declared during the year. 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 O 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 V Cash 33800 Treasury Stock 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. 31 430,000 Retained Earnings 430000