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Please answer all parts to get a thumbs up. Thanks. The stockholder's equity section of Doc Corporation's balance as of January 1, 2021 is presented
Please answer all parts to get a thumbs up. Thanks.
The stockholder's equity section of Doc Corporation's balance as of January 1, 2021 is presented below: Paid-in Capital Preferred stock, 9%, $100 par value, non-cumulative, 10,000 shares authorized 5,000 shares issued and outstanding.. S 500,000 Common stock, $10 par value, 500.000 shares Authorized, 90,000 shares issued and 90,000 shares outstanding... 900,000 Paid in capital in excess of par-common stock. 200,000 Total Paid-in Capital $ 1,600,000 Retained earnings 900,000 Total Stockholder's Equity $ 2.500.000 The following transactions affecting stockholder's equity occurred during the year: Jan 15 Declared the annual cash dividend on the preferred stock, payable April 15 Mar Declared a $2 per share cash dividend on the common stock outstanding payable April 15. Apr15 Paid the cash dividends declared on January 15 and March 1: May 1 Issued 10,000 shares of common stock for $20 per share. Oct ! Declared and issued a 10% stock dividend on the common stock outstanding. The market value of the common stock was $25. Dec 31 Net Income for the year was $700.000. Closed the income summary account. Dec 31 Closed the dividend accounts. Instructions: a. Prepare journal entries for the above transactions on the green accounting paper provided. b. Determine the number of common shares outstanding as of December 31, 2021. Determine the balance in the common stock account at December 31, 21 d. Determine the balance of the retained earnings account at December 31, 2021. CStep by Step Solution
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