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The stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock. $6 par value, 300,000 shares authorized, 60,000 shares 360,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 600,000 From treasury stock 37.500 637.500 Retained earnings 435.000 1,432,500 Less: Treasury stock (6.000 shares) at cost 172,500 Total Stockholders e Equity 1.260.000 The following transactions affecting stockholders equity occurred during the year: Jan. 8 Issued 15.000 shares of previously unissued common stock for $26 cash per share, Mar. 12 Sold all of the treasury shares for $35 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $31 per share. July 10 issued the stock dividend declared on June 30. Oct 7 Acquired 2.500 shares of common stock as treasury stock at 533 cash per share. Dec 18 Declared a cash dividend of $1.00 per outstanding common share, payable on January 9 to stockholders of record on December 31. Required a. Prepare journal entries to record the foregoing transactions. b. Prepare a statement of stockholders equity. Net income for the year is $426,250. Journal Entries Statement of Stockholders' Equity Debit Credit $ 0 390,000 $ 0 90,000 O 300,000 210,000 0 . S 0 172.500 37.500 07 General Journal Date Description Jan.8 Cash Common Stock Paid-in-Capital in Excess of Par Value Issued shares of common stock. Mar. 12 Cash Treasury Stock Pald-in-Capital from Treasury Stock Sold shares of treasury stock. Jun 30 Stock Dividends Stock Dividend Distributable Paid-in-Capital in Excess of Par Value Declared stock dividend. Jul. 10 Stock Dividend Distributable Common Stock ssued shares of common stock declared as dividend. Oct.7 Treasury Stock Cash Purchased shares of common stock for treasury 125,550 X 0 S 0 24,300 X 101,250 X 0 0 125,500 0 125,550 X 82.500 0 82.500 O Note: Use negative signs with your answers when appropriate (reduction to retained earnings, acquired treasury stock and treasury stock balances) Night Corporation Statement of Stockholders' Equity For Year Ended December 31 Paid-in-Capital Common Paid-in-Capital from Retained Treasury Stock in Excess of Par Treasury Stock Earnings Stock Total Balance, January 1 $ 360,000 $ 600,000 $ 37.500 5 435,000 S (172.500) $ 1.260,000 15,000 Common shares issued 90,000 300.000 0 0 O 390,000 0 6,000 Treasury shares sold 37.500 0 172.500 210.000 Stock Dividends issued 22.500 X OX 0 OX 0 O 2.500 Treasury shares acquired 0 O 0 0 (82.500) (82,500) Cash Dividends Declared 0 0 0 (77.500) X OX Net Income 0 O O 426,250 0 426.250 Balance, December 31 $ OXS OKS 0X5 OXS O X5 OX Check