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For the Year Ended December 31, 2046 Paid-in Capital in Common Stock Excess of Stated Vale Paid In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total ? Balances, lanuary 1 Issued common stock $54554,000.00 $382.500.00 $7.980,000.00 1.460,000.00 587730000 219.000.00 543,029,300.00 1.679.000.00 Stock dividends 188,800.00 37760.00 226,560.00 $ Sale of treasury stock 202.500.00 382,500.00 585,000.00 Purchase of treasury stock 60,000.00 60.000.00 cash dividends 40 65000 40,650.00 stock dividends 2266000 226,560.00 net income $1,162,500.00 $1,162,500.00 Points: 11.79/36 Selected stock transactions Instructions Chart of Accounts Journal Instructions DS The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,195,000 184,580 6,360,000 1,590,000 31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 467,700 shares of common stock at $9, receiving cash. b. Issued 10,700 shares of preferred 1% stock at $62. C. Purchased 53,000 shares of treasury common for $6 per share. d. Sold 20,000 shares of treasury common for $8 per share. e. Sold 5,200 shares of treasury common for $5 per share. 1. Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. g. Paid the cash dividends. Required: 1. Enter the January 1 balances in Taccounts for the stockholders' equity accounts listed. If required, round your answers to the nearest dollar. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,162,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. 3. Prepare a statement of stockholders' equity for the year ended December 31, 2016. Assume that net income was $1,162,500 for the year ended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter"0" 4. Prepare the "Stockholders' Equity" section of the December 31, 2016, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign." *Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Instructions Statement of Stockholders' Equity Amount Descriptions Amount Descriptions Balances, January 1 Balances, December 31 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 481,440 shares issued) Excess of issue price over stated value From sale of treasury stock Issued common stock Net income Net loss Purchase of treasury stock Sale of treasury stock Stock dividends Retained Earnings Total Total paid-in capital Net loss Purchase of treasury stock Sale of treasury stock Stock dividends Retained Earnings Total Total paid-in capital Total stockholders' equity Treasury stock (30,000 shares at cost) Instructions Morrow Enterprises Inc. manufactures bathroom fixtures, Morrow Enterprises' stockholders' equity accounts, with balances on January 1. 2076, are as follows: Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued) Pald-in Capital in Excess of Stated Value --Common Stock Retained Earnings Treasury Stock (22,500 shares, at cost) $7,980,000 877,800 34,554,000 382,500 The following selected transactions occurred during the year: Jan. 22 10 6 5 Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355. Issued 73,000 shares of common stock for $23 per share. Sold all of the treasury stock for $26 per share. Declared a 2% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share. Issued the certificates for the dividend declared on July 5. Purchased 30,000 shares of treasury stock for $20 per share. Declared a $0.09-per-share dividend on common stock. Closed the two dividends accounts to Retained Earning 15 23 28 31