Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,900 shares authorized...$294,000 Common Stock

The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.

Preferred Stock (6%, $100 par noncumulative, 4,900 shares authorized...$294,000

Common Stock ($3 stated value, 321,400 shares authorized) .............. 771,360

Paid-in Capital in Excess of Par ValuePreferred Stock...........................11,760

Paid-in Capital in Excess of Stated ValueCommon Stock.................... 257,120

Retained Earnings683,400Treasury Stock(4,900 common shares)......... 39,200

During 2014, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb. 1

Issued 5,100 shares of common stock for $35,700.

Mar. 20

Purchased 1,920 additional shares of common treasury stock at $7 per share.
Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1.

Nov. 1

Paid the dividend declared on October 1.

Dec. 1

Declared a $0.40 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 $282,100. Paid the dividend declared on December 1.

Journalize the transactions.

FEB.1 DB CASH 35700

CR COMMON STOCK 15300

CR PAID IN CAPITAL EXCESS 20400

MAR 20 DB TREASURY STOCK 13440

CR CASH 13440

OCT 1 DB CASH DIVIDENDS 17640

CR DIVIDENDS PAYABLE 17640

NOV 1 DB DIVIDENDS PAYABLE 17640

CR CASH 17640

DEC 1

DEC 31 (TO RECORD NET INCOME)

DEC 31 (TO CLOSE CASH DIVIDENDS)

DEC 31 ( TO RECORD PAYMENT OF CASH DIVIDENDS PAYABLE)

GOT STUCK AND NEED HELP ON THE REST PLEASE!!!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Conducting An Institutional Diversity Audit In Higher Education A Practitioners Guide To Systematic Diversity Transformation

Authors: Edna Chun, Alvin Evans, Benjamin D. Reese

1st Edition

1620368196, 978-1620368190

More Books

Students also viewed these Accounting questions