Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The first photo attatched is the problem and the second photo attatched are my entries. Please tell me what is wrong with my entries and

The first photo attatched is the problem and the second photo attatched are my entries. Please tell me what is wrong with my entries and re-write it for me. image text in transcribed
image text in transcribed
The stockholders' equity accounts of Monty Corp. on January 1, 2025, were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,500 shares of common stock for $69,000. Mar. 20 Purchased 2,300 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7\% 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 : Dec. 31 Determined that net income for the year was $645,000. Paid the dividend declared on December 1. 2/1Cash69,000CommonStock,$4statedvalue46,000APICinexcessofstatedvalue-CS23,0003/20TreasuryStock16,100Cash16,10010/1$690,000parvalue7%=$48,300Dividends-PS48,300DividendsPayable-PS48,30011/1DividendsPayable-PS48,300Cash48,30012/1$2,300,000/$4/shr=575,000shrsissued-11,500Treasuryshrs-2,300TreasuryshrsDividends-CS561,200shrsoutstanding$0.50/shr=$280,600DividendsPayable-CS280,60012/31DividendsPayable-CS280,600Cash280,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cash And Financial Management Study Text

Authors: Kaplan

1st Edition

9781839960529

More Books

Students also viewed these Accounting questions