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The stockholders' equity accounts of Flounder Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 11.000 shares authorized) $ 408,000 Common

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The stockholders' equity accounts of Flounder Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 11.000 shares authorized) $ 408,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1.250,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1.800,000 Treasury Stock (11,000 common shares) 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $122,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6.100. Dec. 31 Determined that net income for the year was $420,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account automatically indented when amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Cash Feb. 1 122.000 122.000 Common Stock JUUL 26.000 Paid-in Capital in Excess of Stated Value-Common Stock 96,000 Apr. 14 - Cash 33.900 Paid-in Capital from Treasury Stock 3.900 Treasury Stock 30,000 Sept. 3 Patents 5.000 Common Stock 30,000 Pald-in Capital in Excess of Stated Value-Common Stock Nov. 10 Treasury Stock 6,100 Cash Dec. 31 Income Summary 420,000 Retained Earnings Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 35 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. 1 Balance 408.000 Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 v Balance 1,250,000 1.219,000 Feb. 1 26,000 Sept 3 v 5,000 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 100,000 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance 1,400,000 1.274,000 Balance Jan. 1 96,000 Feb. 1 30,000 Sept. 3 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance Apr. 14 3,900 3,900 Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 v Balance 1.800,000 1,380,000 Dec. 31 420,000 Treasury Stock Date Explanation Ref. Debit Credit Balance Jan. 1 v Balance 55,000 31.100 Apr. 14 30.000 Nov. 10 For the Quarter Ended December 31, 2020 Stockholders' Equity Pald-in Capital Capital Stock Preferred Stock 408.000 Common Stock 1219000 Total Capital Stock 1,627,000 Additional Paid-in Capital Paid-in Capital in Excess of Par Preferred Stock 100.000 Paid in Capital in Excess of Stated Value-Common Stock 1,274,000 Paid in Capital from Treasury Stock Total Additional Paid-in Capital 1.377,900 Total Pald-in Capital 3,004,900 Retained Earnings 1,380.000 Total Paid in Capital and Retained Earnings 4,384.900 Less Treasury Stock 31.100 i Total Stockholders' Equity 4,353.800

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