Metlock Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet Preferred stock, 9 , $100 par (10,000 shares authorized, 2,200 shares issued) $220,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid in capital 130,000 Retained earnings 447,000 Total $889,500 During 2020, Metlock took part in the following transactions concerning stockholders equity 1 Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock These dividends had been declared on December 31, 2019 2 Purchased 1,800 shares of its own outstanding common stock for $38 per share Metlock uses the cost method 3 Reissued 600 treasury shares for land valued at $29,500 4 Issued 500 shares of preferred stock at $106 per share 5 Declared a 10 stock dividend on the outstanding common stock when the stock is selling for $41 per share 6 Issued the stock dividend 7 Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock These dividends are payable in 2021 Part 1 Correct answer iconYour answer is correct Prepare journal entries to record the transactions described above (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 0 for the amounts ) Debit Credit Part 2 New attempt is in progress Some of the new entries may impact the last attempt grading Your answer is partially correct Prepare the December 31, 2020, stockholders equity section Assume 2020 net income was $333,000 (Enter account name only Do not provide any descriptive information ) METLOCK COMPANY Stockholders Equity December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity $ Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity AddLess Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity $

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Metlock Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares

Metlock Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet.

Preferred stock, 9%, $100 par (10,000 shares authorized, 2,200 shares issued)		$220,000
Common stock, $5 par (92,500 shares authorized, 18,500 shares issued)		92,500
Additional paid-in capital		130,000
Retained earnings		447,000
Total		$889,500

During 2020, Metlock took part in the following transactions concerning stockholders equity.

1.		Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019.
2.		Purchased 1,800 shares of its own outstanding common stock for $38 per share. Metlock uses the cost method.
3.		Reissued 600 treasury shares for land valued at $29,500.
4.		Issued 500 shares of preferred stock at $106 per share.
5.		Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $41 per share.
6.		Issued the stock dividend.
7.		Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021.

Part 1

Correct answer iconYour answer is correct.

Prepare journal entries to record the transactions described above. (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 0 for the amounts.)

		Debit	Credit

Part 2

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare the December 31, 2020, stockholders equity section. Assume 2020 net income was $333,000. (Enter account name only .Do not provide any descriptive information.)

METLOCK COMPANY Stockholders Equity December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
			$

Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity

Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
AddLess:
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity			$