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 $ Click if you would like to Show Work for this question Open Show Work

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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

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		$