Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,600 shares authorized) $276,000 Common
The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.
Preferred Stock (8%, $100 par noncumulative, 4,600 shares authorized) | $276,000 | |
Common Stock ($4 stated value, 306,400 shares authorized) | 980,480 | |
Paid-in Capital in Excess of Par ValuePreferred Stock | 13,800 | |
Paid-in Capital in Excess of Stated ValueCommon Stock | 245,120 | |
Retained Earnings | 702,800 | |
Treasury Stock(4,600 common shares) | 36,800 |
During 2014, the corporation had the following transactions and events pertaining to its stockholders equity.
Feb. 1 | Issued 4,800 shares of common stock for $33,600. | |
Mar. 20 | Purchased 1,970 additional shares of common treasury stock at $8 per share. | |
Oct. 1 | Declared a 8% cash dividend on preferred stock, payable November 1. | |
Nov. 1 | Paid the dividend declared on October 1. | |
Dec. 1 | Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. | |
Dec. 31 | Determined that net income for the year was $280,200. Paid the dividend declared on December 1. |
Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started