Please help with this multi-step problem. Thanks.
Problem 11-3A The stockholders' equity accounts of Swifty Corporation on January 1, 2019, were as follows. Preferred Stock (8%, $48 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 408,000 1,100,000 125,000 1,400,000 1,850,000 44,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $120,000. Sold 6,000 shares of treasury stock-common for $32,600. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $450,000. 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. Credit account titles 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.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock Treasury Stock SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare a stockholders' equity section at December 31, 2019, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.) Swifty Corporation Balance Sheet (Partial) Prepare a stockholders' equity section at December 31, 2019, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.) Swifty Corporation Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR
