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The stockholders' equity accounts of Oriole Company on January 1, 2022, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) Common Stock
The stockholders' equity accounts of Oriole Company on January 1, 2022, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 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 (8,200 common shares) $500,000 1,460,000 70,000 870,000 760,000 65,600 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Mar 1 June 22 Sept. 1 Oct. 1 Issued 6,600 shares of common stock for $80 per share. Purchased 1,000 additional shares of common treasury stock at $11 per share. Declared a 10% cash dividend on preferred stock, payable October 1. Paid the dividend declared on September 1. Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Determined that net income for the year was $128,000. Paid the dividend declared on December 1. Dec. 1 31 Date Account Titles and Explanation Debit Credit Mar. 1 Cash 528000 Common Stock 66000 Paid-in Capital in Excess of Par Value-Common Stock 462000 June 22 Treasury Stock 11000 Cash 11000 Sept. 1 Cash Dividends 50000 Dividends Payable 50000 Oct. 1 Dividends Payable 50000 Cash 50000 Dec. 1 Cash Dividends 875400 Dividends Payable 875400 Dec. 31 Dividends Payable 128000 Cash 128000 Oct. 1 Dividends Payable 50000 Cash 50000 Dec. 1 Cash Dividends 875400 Dividends Payable 875400 Dec. 31 Dividends Payable 128000 128000 Cash (To paid the dividend declared on December 1) Income Summary Dec. 31 1003400 1003400 Retained Earnings (To close net income) Retained Earnings Dec. 31 875400 Cash Dividends 875400 (To close dividends)
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