Problem 11-3A The stockholders equity accounts of Terrell Corporation on January 1, 2014, were as follows.

Preferred Stock (9%, $51par, cumulative,10,300shares authorized)	$408,000
Common Stock ($1stated value,1,939,100shares authorized)	1,171,200
Paid-in Capital in Excess of ParPreferred Stock	120,700
Paid-in Capital in Excess of Stated ValueCommon Stock	1,433,400
Retained Earnings	1,788,200
Treasury Stock (20,200common shares)	42,420

During 2014, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb. 1	Issued24,200shares of common stock for $123,400.
Apr. 14	Sold8,800shares of treasury stockcommon for $45,600.
Sept. 3	Issued6,800shares of common stock for a patent valued at $42,400.
Nov. 10	Purchased1,000shares of common stock for the treasury at a cost of $6,200.
Dec. 31	Determined that net income for the year was $432,100.

No dividends were declared during the year.

Journalize the transactions and the closing entry for net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1
Apr. 14
Sept. 3
Nov. 10
Dec. 31

Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.)(Post entries in the order of journal entries presented in the previous part.)

Preferred Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Common Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Paid-in Capital in Excess of ParPreferred Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Paid-in Capital in Excess of Stated ValueCommon Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Paid-in Capital from Treasury Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Retained Earnings
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Treasury Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5

Prepare a stockholders equity section at December 31, 2014.

TERRELL CORPORATION Balance Sheet (Partial) December 31, 2014
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
AddLess:
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity			$

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