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The stockholders equity accounts of Kingbird, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) $ 425,000
The stockholders equity accounts of Kingbird, Inc. on January 1, 2022, were as follows.
Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) | $ 425,000 | |
Common Stock ($1 stated value, 2,050,000 shares authorized) | 1,250,000 | |
Paid-in Capital in Excess of ParPreferred Stock | 140,000 | |
Paid-in Capital in Excess of Stated ValueCommon Stock | 1,400,000 | |
Retained Earnings | 1,800,000 | |
Treasury Stock (11,000 common shares) | 55,000 |
During 2022, the corporation had the following transactions and events pertaining to its stockholders equity.
Feb. | 1 | Issued 24,000 shares of common stock for $124,000. | |
Apr. | 14 | Sold 5,600 shares of treasury stockcommon for $32,300. | |
Sept. | 3 | Issued 4,900 shares of common stock for a patent valued at $35,700. | |
Nov. | 10 | Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. | |
Dec. | 31 | Determined that net income for the year was $445,000. |
No dividends were declared during the year
The stockholders' equity accounts of Kingbird, Inc. on January 1,2022 , were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $124,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,300. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $445,000. Date Account Titles and Explanation Debit CreditStep by Step Solution
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