Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Riverbed Corp on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 710,000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $280,400. Paid the dividend declared on December 1. (a) Your answer is correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem state 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 fo decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 30000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common 10000 Mar. 20 Treasury Stock 8000 Dec. 31 Dividends Payable 174300 174300 Cash (To record payment of cash dividends payable) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT (b) Your answer is correct. Enter the beginning balances in the accounts and post the journal entries to the stockholders' equit that have zero ending balance, the entry should be the balance date and zero for the amo Preferred Stock 1/1 Bal. 300000 12/31 Bal v 300000 Common Stock 1/1 Bal. 1000000 2/1 20000 12/31 Bal. 1020000 1/1 Bal. 15000 12/31 Bal. 15000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 480000 12/31 195300 1/1 Bal. 710000