Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Concord Corporation on January 1, 2019, were as follows. $ 425,000 Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) 1,150,000 Paid-in Capital in Excess of Par-Preferred Stock 105,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (10,500 common shares) 42,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Issued 25,500 shares of common stock for $116,000. Feb. Apr. 14 Sold 5,800 shares of treasury stock-common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $450,000. No dividends were declared during the year. Account Titles and Explanation Date Debit Credit Feb. 1 116000 Cash 25500 Common Stock 90500 Paid-in Capital in Excess of Stated Value-Commor 33900 Apr. 14 + Cash 23200 Treasury Stock 10700 Paid-in Capital from Treasury Stock Sept. 3 + 35900 Patents 5200 Common Stock 30700 Paid-in Capital in Excess of Stated Value-Commor Nov. 10 + 6000 Treasury Stock 6000 Cash Dec. 31 | Income Summary 450000 450000 Retained Earnings 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 presented in the previous part.) Preferred Stock Jan. 1 Bal. 425000 Dec. 31 Bal. Dec. 31 Bal. + 425000 Paid-in Capital in Excess of Par Value-Preferred Stock Jan. 1 Bal. 105000 Dec. 31 Bal. 105000 Dec. 31 Bal. + Common Stock Jan. 1 Bal. 1150000 Feb. 1 25500 Sep. 3 5200 Dec. 31 Bal. + Dec. 31 Bal. 1180700 Paid-in Capital in Excess of Stated Value-Common Stock 1450000 Jan. 1 Bal. Feb. 1 90500 30700 Sep. 3 Dec. 31 Bal. Dec. 31 Bal. + 1571200 Retained Earnings 1850000 Jan. 1 Bal. Dec. 31 450000 Dec. 31 Bal. + Dec. 31 Bal. + 2300000 Paid-in Capital from Treasury Stock 10700 Apr. 14 Dec. 31 Bal. Dec. 31 Bal. 10700 Treasury Stock Jan. 1 Bal. 42000 23200 Apr. 14 Nov. 10 6000 Dec. 31 Bal. + 24800 Dec. 31 Bal. + 48000 Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Concord Corporation on January 1, 2019, were as follows. $ 425,000 Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) 1,150,000 Paid-in Capital in Excess of Par-Preferred Stock 105,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (10,500 common shares) 42,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Issued 25,500 shares of common stock for $116,000. Feb. Apr. 14 Sold 5,800 shares of treasury stock-common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $450,000. No dividends were declared during the year. Account Titles and Explanation Date Debit Credit Feb. 1 116000 Cash 25500 Common Stock 90500 Paid-in Capital in Excess of Stated Value-Commor 33900 Apr. 14 + Cash 23200 Treasury Stock 10700 Paid-in Capital from Treasury Stock Sept. 3 + 35900 Patents 5200 Common Stock 30700 Paid-in Capital in Excess of Stated Value-Commor Nov. 10 + 6000 Treasury Stock 6000 Cash Dec. 31 | Income Summary 450000 450000 Retained Earnings 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 presented in the previous part.) Preferred Stock Jan. 1 Bal. 425000 Dec. 31 Bal. Dec. 31 Bal. + 425000 Paid-in Capital in Excess of Par Value-Preferred Stock Jan. 1 Bal. 105000 Dec. 31 Bal. 105000 Dec. 31 Bal. + Common Stock Jan. 1 Bal. 1150000 Feb. 1 25500 Sep. 3 5200 Dec. 31 Bal. + Dec. 31 Bal. 1180700 Paid-in Capital in Excess of Stated Value-Common Stock 1450000 Jan. 1 Bal. Feb. 1 90500 30700 Sep. 3 Dec. 31 Bal. Dec. 31 Bal. + 1571200 Retained Earnings 1850000 Jan. 1 Bal. Dec. 31 450000 Dec. 31 Bal. + Dec. 31 Bal. + 2300000 Paid-in Capital from Treasury Stock 10700 Apr. 14 Dec. 31 Bal. Dec. 31 Bal. 10700 Treasury Stock Jan. 1 Bal. 42000 23200 Apr. 14 Nov. 10 6000 Dec. 31 Bal. + 24800 Dec. 31 Bal. + 48000