The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 10,500 shares authorized) $630,000 Questic Accounting Common Stock ($4 stated value, 630,000 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 (10,500 common shares) 2,100,000 31,500 1,008,000 1,444,800 84,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 201 Issued 10,500 shares of common stock for $63,000. Purchased 2,100 additional shares of commin 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 Dec. 31 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 $590,000. Paid the dividend declared on December 1. Question Accounting Question Accounting f Question Accounting D Question Accounting Dr Question 7 Accounone Oro Question 8 Accounting Drop (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings) (Record entries in the Question 9 Accounting Mu Viewing Que Accuring Mi Date Account Titles and Explanation Feb. 1 Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Qu Debit Credit Acco 63,000 Que 63,00 Accou 1050 Ques Accoun Mar. 20 Treasury Stock 14700 Cash Oct. 1 Cash Dividends 1470 Quest Account 585900 Dividends Payable 58590 Questi Accountin Nov. 1 0 Cash 585900 Question Dividends Payable 58590 Accountin Dec. 1 Cash Dividends Dividends Payable Dec. 31 Income Summary Question Accounting f Question Acting De Retained Earnings Dec. 31 (To record net income) Retained Earnings Cash Dividends (To close cash dividends) MacBook A Question S Aung Ma Viewing Qu couming Mu Ch 11: Homework Question 10 of 10 Dividends Payable Nov. 1 Cash 585900 Dividends Payable Dec. 1 Cash Dividends Dividends Payable Dec. 31 # Income Summary Retained Earnings Dec 31 Dec. 31 (To record net income) Retained Earnings Cash Dividends (To close cash dividends) Dividends Payable Cash (To record payment of cash dividends payable) eTextbook and Media List of Accounts Seve for Labee Last saved 23 hours ago -/4.5 58590 58590x Question Question 1 Accounting Drope Question 2 Accounting Oropd Question 3 Accounting Dropdo Assistance Used Question 4 Accounting Mutte Question 5 Accounting Denpdow Question 6 Accounting Drape Question 7 Accounting Dropidwe Question Accounting Dropdown Question 9 Ang Mating Viewing Question Attempts: 0 at 6 used Submit Artimer MacBook Am