\\v HWeCh'H I-'I . '=: ." ': . .' || | hex! ll i wait. i CUCJH S'll'Ll CTUI'e .com The stockholders' equity accounts of Monty Corp. on January 1, 2020. were as follows. Preferred Stock [8%, $52 par, cumulative, 10,000 shares authorized) $ 416,000 0 Common Stock ($1 stated value, 2,100,000 shares authorized) 1,450,000 unt Paid-in Capital in Excess of PariPreferred Stock 110,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,400,000 r3 Retained Earnings 1,850,000 d Treasury Stock (11,000 common shares) 55,000 Courses During 2020, the corporation had the following transactions and events pertaining to its stockh olders' equity. Feb. 1 Issued 26,000 shares of common stock for $116,000. Apr. 14 Sold 5,500 shares of treasurystockcommon for $33,900. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $465,000. No dividends were declared during the year. - Your answer is partially correct. Journalize the transactions and the closing entry for net income. {Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required. select "No Entry" for the account titles and enter 0 for the amounts.) Data Account Titles and Explanation Debit Credit | Jan. 1 VI l l l HW-Ch11 X * Course Hero X thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x + C coc.instructure.com/courses/19919/assignments/507400?module_item_id=1032471 G Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Date Account Titles and Explanation Debit Credit Account Jan. 1 Dashboard Courses Feb. 1 Calendar Inbox ? Help Apr. 14 Sept. 3 Nov. 10 v KAW-Ch11 X * Course Hero X thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x C coc.instructure.com/courses/19919/assignments/507400?module_item_id=1032471 G Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Account Dashboard Paid-in Capital in Excess of Par Value-Preferred Stock Courses Calendar Common Stock Inbox Help Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings KAW-Ch11 X * Course Hero X thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x C coc.instructure.com/courses/19919/assignments/507400?module_item_id=1032471 G Paid-in Capital from Treasury Stock Account Treasury Stock Dashboard Courses Calendar eTextbook and Media Inbox List of Accounts (?) Help X Your answer is incorrect. Prepare a stockholders' equity section at December 31, 2020, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.) Monty Corp. Balance Sheet (Partial) KAW-Ch11 X * Course Hero X thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x thinkwell | next ge x C coc.instructure.com/courses/19919/assignments/507400?module_item_id=1032471 G Account to Dashboard Courses Calendar Inbox ? Help K
