Problem 11-2A The stockholders' equity accounts of Cyrus Corporation 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 15,000 480,000 688,000 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 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec 1Declared a $0.5 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 $280,000. Paid the dividend declared on December 1 Your answer is partially correct. Try again Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to Date Account Titles and Explanation Debit Credit Feb. 1 |Cash 30000 Common Stock 20000 Paid-in Capital in Excess of Par Value-Common St 10000 Mar. 20Treasury Stock 7000 Cash 7000 Oct. 1Dividends 21000 Dividends Payable 21000 Nov. 1 Dividends Payable 21000 Cash 21000 Dec. 1 Cash Dividends 124500 Dividends Payable 124500