peck corporation is authorized to issue 20,000

Purchased 1,000 shares of common stock for the treasury at a cost of $6,000 Dec. 31 Determined that net income for the year waw $452,000. No dividends were declared during the year. Instructions Journalize the transactions and the closing entry for net income. Enter the begining balances in the accounts, and post the journal entries to the holders equity accounts. (Use J5 for the posting reference.) Prepare a stockholders equity section at December 31, 2017. Peck Corporation is authorized to issue 20,000 shares of $50 par value 10 preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2017, ledger contained the following stockholders equity balances. Journalize the transactions and the closing entry for net income. Enter the beginning balances in the accounts, and post the journal entries to the holders' equity accounts. Prepare a stockholders' equity section at December 31, 2017. The following stockholders' equity accounts arranged alphabetically are in the ledger of Galindo Corporation at December 31, 2017