Problem 11-2A (Part Level Submission)

The stockholders equity accounts of Flint Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized)		$300,000
Common Stock ($4 stated value, 300,000 shares authorized)		1,000,000
Paid-in Capital in Excess of Par ValuePreferred Stock		15,000
Paid-in Capital in Excess of Stated ValueCommon Stock		480,000
Retained Earnings		686,500
Treasury Stock (5,000 common shares)		40,000

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 5,000 shares of common stock for $30,000.
Mar.	20		Purchased 1,000 additional shares of common treasury stock at $7 per share.
Oct.	1		Declared a 8% cash dividend on preferred stock, payable November 1.
Nov.	1		Paid the dividend declared on October 1.
Dec.	1		Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31		Determined that net income for the year was $276,100. Paid the dividend declared on December 1.

Preferred Stock T | 1/1 Bal. 300,000 12/31 Bal. 300000 Common Stock 1/1 Bal. | 1,000,000 T T T 12/1 T 20000 T 12/31 Bal. T 1020000 Paid-in Capital in Excess of Par Value-Preferred Stock JIL 1/1 Bal. T 15,000 12/31 Bal 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 480,000 10000 490000 ||| 12/31 Bal. Retained Earnings 1/1 Bal. 1 686,500 276100 1 71112/31 Bal. 9 Cash Dividends 2400 AMIR 235650 12/1 T 211650 12/31 Bal. T Treasury Stock 12/31 Bal. FLINT CORPORATION Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock