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Multiple part question. Thank you for the help. Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Miley Corporation on January 1, 2014, were
Multiple part question.
Thank you for the help.
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows Preferred stock (8%, $100 par noncumulative, 4,700 shares authorized) Common Stock ($4 stated value, 305,900 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-(4,700 common shares) $282,000 978,880 11,280 489,440 693,500 37,600 During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 4,900 shares of common stock for $34,300 Mar. 20 Purchased 1,430 additional shares of common treasury stock at $7 per share Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014 Dec. 31 Determined that net income for the year was $278,000. Paid the dividend declared on December 1 (a) Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 34,300 Common Stock 19600 Paid-in Capital in Exce: 14700 Mar. 20 Treasury Stock 10010 Cash 10010 Oct. 1 Cash Dividends 22560 Dividends Payable 22560 Nov. 1 Dividends Payable 22560 Cash 22560 Dec. 1 Cash Dividends Dividends Payable Dec. 31 Income Summary Retained Earnings To record net income) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable Cash To record payment of cash dividends payable) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO VIDEOStep by Step Solution
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