The stockholders equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 2,500 shares authorized) $150,000 Common Stock ($4 stated value, 150,000 shares authorized) 500,000 Paid-in Capital in Excess of Par ValuePreferred Stock 7,500 Paid-in Capital in Excess of Stated ValueCommon Stock 240,000 Retained Earnings 344,000 Treasury Stock (2,500 common shares) 20,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 2,500 shares of common stock for $15,000. Mar. 20 Purchased 500 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 31, 2022. Dec. 31 Determined that net income for the year was $145,000. Paid the dividend declared on December 1.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

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 posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)

The stockholders' equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 2,500 shares authorized) Common Stock ($4 stated value, 150,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (2,500 common shares) $150,000 500,000 7,500 240,000 344,000 20,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 2,500 shares of common stock for $15,000. Purchased 500 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31 Determined that net income for the year was $145,000. Paid the dividend declared on December 1. 1 Nov. Dec. 1 Dec. 31 Date Account Titles and Explanation Debit Credit Feb. 1 Cash 15000 Common Stock 10000 Paid-in Capital in Excess of Stated Value-Common Stock 5000 Mar. 20 Treasury Stock 3500 Cash 3500 Oct. 1 Cash Dividends 10500 Dividends Payable 10500 Nov. 1 Dividends Payable 10500 Cash 10500 Dec. 1 Cash Dividends 62250 Dividends Payable 62250 Dec. 31 Income Summary 145000 Retained Earnings 145000 (To record net income) Dec. 31 Retained Earnings 72750 Cash Dividends 72750 (To close cash dividends) Dec. 31 Dividends Payable 62250 Cash 62250 (To record payment of cash dividends payable) (b) 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 posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings > Cash Dividends Treasury Stock