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need help with this part: Exercise 15-18 Monty Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet.
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Exercise 15-18 Monty Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 1096, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (94,000 shares authorized, 18,800 shares issued) Additional paid-in capital Retained earnings 94,000 131,000 478,000 $883,000 Total During 2017, Monty took part in the following transactions concening stockholders' equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. 2. Purchased 1,500 shares of its own outstanding common stock for $43 per share. Monty uses the cost method. 3. Reissued 800 treasury shares for land valued at $36,200 4. Issued 540 shares of preferred stock at $104 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 2017 $10 per share dividend on preferred stock and the 2 per share dividend on common stock. These dividends are payable in 2018 Your answer is partially correct. Try again. Prepare journal entries to record the transactions described above. (Credit account tities 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. No. Account Titles and Explanation Debit Credit 1. Dividends Payable Preferred Sto 1800 376001 ividends Payable Common Stoc 560 sury Sto 50 3. Treasury Sto id-in Capital from T Sto 4. 61601 red Stoc 400 id-in Capital in Excess of Par - Preferred S 16 242101 ) ained Earnin mmon Stock Dividend Distributabl Paid-in Capital in Excess of Par - Common Stoc 65160Step by Step Solution
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