Problem 11-2A The stockholders equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $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 686,000 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 $9 per share. Oct. 1 Declared a 6% 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, 2017. Dec. 31 Determined that net income for the year was $275,600. Paid the dividend declared on December 1. Correct answer. 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 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit choose a transaction dateEntry field with correct answer enter an account titleEntry field with correct answer Cash enter a debit amountEntry field with correct answer 30000 enter a credit amountEntry field with correct answer enter an account titleEntry field with correct answer Common Stock enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 20000 enter an account titleEntry field with correct answer Paid-in Capital in Excess of Stated Value-Common Stock enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 10000 choose a transaction dateEntry field with correct answer enter an account titleEntry field with correct answer Treasury Stock enter a debit amountEntry field with correct answer 9000 enter a credit amountEntry field with correct answer enter an account titleEntry field with correct answer Cash enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 9000 choose a transaction dateEntry field with correct answer enter an account titleEntry field with correct answer Cash Dividends enter a debit amountEntry field with correct answer 18000 enter a credit amountEntry field with correct answer enter an account titleEntry field with correct answer Dividends Payable enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 18000 choose a transaction dateEntry field with correct answer enter an account titleEntry field with correct answer Dividends Payable enter a debit amountEntry field with correct answer 18000 enter a credit amountEntry field with correct answer enter an account titleEntry field with correct answer Cash enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 18000 choose a transaction dateEntry field with correct answer enter an account titleEntry field with correct answer Cash Dividends enter a debit amountEntry field with correct answer 124500 enter a credit amountEntry field with correct answer enter an account titleEntry field with correct answer Dividends Payable enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 124500 choose a transaction dateEntry field with correct answer enter an account title to record net incomeEntry field with correct answer Income Summary enter a debit amountEntry field with correct answer 275600 enter a credit amountEntry field with correct answer enter an account title to record net incomeEntry field with correct answer Retained Earnings enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 275600 (To record net income) choose a transaction dateEntry field with correct answer enter an account title to close cash dividendsEntry field with correct answer Retained Earnings enter a debit amountEntry field with correct answer 142500 enter a credit amountEntry field with correct answer enter an account title to close cash dividendsEntry field with correct answer Cash Dividends enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 142500 (To close cash dividends) choose a transaction dateEntry field with correct answer enter an account title to record payment of cash dividends payableEntry field with correct answer Dividends Payable enter a debit amountEntry field with correct answer 124500 enter a credit amountEntry field with correct answer enter an account title to record payment of cash dividends payableEntry field with correct answer Cash enter a debit amountEntry field with correct answer enter a credit amountEntry field with correct answer 124500 (To record payment of cash dividends payable) SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. 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 choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with correct answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose the end date of the accounting periodEntry field with incorrect answer enter a debit balanceEntry field with correct answer choose the end date of the accounting periodEntry field with incorrect answer enter a credit balanceEntry field with incorrect answer Common Stock choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with correct answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose the end date of the accounting periodEntry field with incorrect answer enter a debit balanceEntry field with correct answer choose the end date of the accounting periodEntry field with incorrect answer enter a credit balanceEntry field with incorrect answer Paid-in Capital in Excess of Par ValuePreferred Stock choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with correct answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose the end date of the accounting periodEntry field with incorrect answer enter a debit balanceEntry field with correct answer choose the end date of the accounting periodEntry field with incorrect answer enter a credit balanceEntry field with incorrect answer Paid-in Capital in Excess of Stated ValueCommon Stock choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with correct answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose the end date of the accounting periodEntry field with incorrect answer enter a debit balanceEntry field with correct answer choose the end date of the accounting periodEntry field with incorrect answer enter a credit balanceEntry field with incorrect answer Retained Earnings choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with incorrect answer choose the beginning date of the accounting periodEntry field with incorrect answer enter a credit balanceEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with correct answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose the end date of the accounting periodEntry field with incorrect answer enter a debit balanceEntry field with correct answer choose the end date of the accounting periodEntry field with incorrect answer enter a credit balanceEntry field with incorrect answer Cash Dividends choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a credit amountEntry field with incorrect answer choose a transaction dateEntry field with incorrect answer enter a debit amountEntry field with incorrect answer choose a transaction dateEntry field with correct answer enter a credit amountEntry field with correct answer choose the end date of the accounting periodEntry field with correct answer enter a debit balanceEntry field with incorrect answer choose the end date of the accounting periodEntry field with correct answer enter a credit balanceEntry field with correct answer Treasury Stock choose the beginning date of the accounting periodEntry field with correct answer enter a debit balanceEntry field with incorrect answer choose the beginning date of the accounting periodEntry field with correct answer enter a credit balanceEntry field with correct answer choose a transaction dateEntry field with correct answer enter a debit amountEntry field with incorrect answer now contains modified data 9000 choose a transaction dateEntry field with correct answer enter a credit amountEntry field with correct answer choose the end date of the accounting periodEntry field with correct answer enter a debit balanceEntry field with incorrect answer choose the end date of the accounting periodEntry field with correct answer enter a credit balanceEntry field with correct answer Partially correct answer. Your answer is partially correct. Try again. Prepare the stockholders equity section of the balance sheet at December 31, 2017. PRONGHORN CORP. Partial Balance Sheet choose the accounting periodEntry field with incorrect answer now contains modified data select an opening section nameEntry field with correct answer select an opening subsection nameEntry field with correct answer select a name of the subordinate part one of this subsectionEntry field with correct answer enter a balance sheet itemEntry field with correct answer Preferred Stock $enter a dollar amountEntry field with correct answer 300000 enter a balance sheet itemEntry field with correct answer Common Stock enter a dollar amountEntry field with correct answer 1020000 select a summarizing line for the subordinate part one of this subsectionEntry field with correct answer $enter a subtotal of the two previous amountsEntry field with correct answer 1320000 select a name of the subordinate part two of this subsectionEntry field with correct answer enter a balance sheet itemEntry field with correct answer Paid-in Capital in Excess of Par Value-Preferred Stock enter a dollar amountEntry field with correct answer 15000 enter a balance sheet itemEntry field with incorrect answer now contains modified data Paid-in Capital in Excess of Stated Value-Common Stock enter a dollar amountEntry field with correct answer 490000 select a summarizing line for the subordinate part two of this subsectionEntry field with correct answer enter a subtotal of the two previous amountsEntry field with correct answer 505000 select a closing subsection nameEntry field with correct answer enter a total amount for this subsectionEntry field with correct answer 1825000 enter a balance sheet itemEntry field with correct answer Retained Earnings enter a dollar amountEntry field with incorrect answer now contains modified data 819100 select a summarizing line for this part of the statementEntry field with correct answer enter a subtotal amount for this part of the statementEntry field with correct answer 2644100 select between addition and deductionEntry field with correct answer: enter a balance sheet itemEntry field with correct answer Treasury Stock enter a dollar amountEntry field with correct answer 49000 select a closing section nameEntry field with correct answer $enter a total amount for this sectionEntry field with correct answer 2595100 Partially correct answer. Your answer is partially correct. Try again. Calculate the payout ratio, earnings per share, and return on common stockholders equity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio enter payout ratio in percentages rounded to 1 decimal placeEntry field with incorrect answer now contains modified data 50 % Earnings per share $enter earnings per share in dollars rounded to 2 decimal placesEntry field with incorrect answer 1.01 Return on common stockholders equity enter return on common stockholders equity ratio in percentages rounded to 1 decimal placeEntry field with correct answer 12.13 % Question Attempts: 2 of 4 used SAVE FOR LATER SUBMIT ANSWER