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Please help out with the final image. Thank you Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity
Please help out with the final image. Thank you
Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts.
Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. $ 400,000 Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 1,450,000 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 1,816,000 Treasury Stock (10,000 common shares) 50,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $120,000. Apr. 14 Sold 6,000 shares of treasury stock-com mon for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. Nov. 10 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 was $452,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O f Account Titles and Explanation Credit Date Debit Feb. 1 Cash 120,000 25,000 Common Stock Paid-in Capital in Exces 95,000 Apr. 14 Cash 33,000 Treasury Stock 30,000 Paid-in Capital from Tre 3,000 Sept. 3 Patents 35,000 Common Stock 5,000 Paid-in Capital in Exces 30,000 Nov. 10 Treasury Stock 6,000 6,000 Cash Dec. 31 Income Summary 452,000 Retained Earnings 452,000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER Preferred Stock Explanation Ref. Date Debit Credit Balance Balance Common Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Explanation Ref. Date Debit Credit Balance Balance Paid-in Capital in Excess of Stated Value-Common Stock Balance Date Explanation Ref. Debit Credit Balance J5 J5 Paid-in Capital from Treasury Stock Balance Date Explanation Ref. Debit Credit J5 Retained Earnings Balance Date Explanation Ref. Debit Credit Balance J5 Treasury Stock Explanation Ref. Date Debit Credit Balance Balance J5 15Step by Step Solution
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