Problem 11-A [Part Level Submission) Peshawthong wory Common Sock 144 , Pai Your seris partly correct. Try Open w o rd - artalom the Stack, Treasurys DE TOTE LINK TO TEXT - Weygandt, Financial Accounting, 9e Help System Announcements (1 Unread) Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,100 shares authorized) Common Stock ($1 stated value, 2,029,300 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,400 common shares) $ 405,000 1,309,200 135,700 1,481,900 1,769,000 52,000 During 2015, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,900 shares of common stock for $116,200. Apr. 14 Sold 5,500 shares of treasury stock-common for $32,100. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $34,200. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $402,800. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indent Date Account Titles and Explanation Debit Credit Feb. 1 Apr. 14 Sept. 3 No. 10 Dec 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Problem 11-4A (Part Level Submission) On January 1, 2015, Geffrey Corporation had the following stockholders' equity accounts. $1.080.000 Common Stock ($20 par value. 54.000 shares issued and outstanding) Pald-in Capital in Excess of Par-Common Stock Retained Earnings 202.400 646,500 During the year, the following transactions occurred. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr, Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. y Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. De Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2016. 31 Determined that net income for the year was $312,000. (a) Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Debit Date Account Titles and Explanation Feb. 1 Credit Mar. 1 Apr. 1 July 1 July 31 Dec. 1 Dec. 31 (To dos net income) (To dos Mock dividends) Todose cash dividends) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
