post beginning balances and journalize the stockholders' equity accounts
Current Attempt in Progress The stockholders' equity accounts of Marigold Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 9,500 shares authorized) $570,000 Common Stock ($4 stated value, 570,000 shares authorized) 1.900,000 Paid-in Capital in Excess of Par Value-Preferred Stock 28,500 Paid-in Capital in Excess of Stated Value-Common Stock 912,000 Retained Earnings 1,307,200 Treasury Stock (9,500 common shares) 76,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 9,500 shares of common stock for $57,000. Mar. 20 Purchased 1,900 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 20 Dec. 31 Determined that net income for the year was $530,000. Paid the dividend declared on December 1. (a) Your Answer Correct Answer (Used) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings. (Record entries in the Your Answer Correct Answer (Used) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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 for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 57,000 Common Stock 38,000 Paid-in Capital in Excess of Stated Value-Common Stock 19,000 Mar. 20 Treasury Stock 13,300 Cash 13,300 Oct. 1 Cash Dividends 39,900 Dividends Payable 39.900 Nov. 1 Dividends Payable 39,900 Cash 39.900 .com Dividends Payable 39,900 Nov. 1 39.900 Dividends Payable > Cash 39.900 Dec. 1 Cash Dividends 236,550 Dividends Payable 236,550 Dec. 31 Income Summary 530,000 Retained Earnings 530,000 (To record net income) Retained Earnings Dec. 31 276,450 276,450 Cash Dividends (To close cash dividends) Dividends Payable Dec. 31 236,550 Cash 236,550 (To record payment of cash dividends payable) 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 posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock 2/1 38,000 v 2/1 19,000 12/31 Bal. 57,000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated ValueCommon Stock Retained Earnings Cash Dividends Treasury Stock Retained Earnings Cash Dividends Treasury Stock
