Question: PLEASE HELP ON FINAL ENTRY THANK YOU On December 31, 2021, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At
PLEASE HELP ON FINAL ENTRY THANK YOU
On December 31, 2021, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2021, stockholders equity had the amounts listed here.
| Common Stock | $6,500,000 | |
| Additional Paid-in Capital | 1,800,000 | |
| Retained Earnings | 1,200,000 |
Transactions during 2022 and other information related to stockholders equity accounts were as follows.
| 1. | On January 10, issued at $107 per share 120,000 shares of $100 par value, 9% cumulative preferred stock. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2. | On February 8, reacquired 15,000 shares of its common stock for $11 per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3. | On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. | On June 8, declared a cash dividend of $1.2 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5. | Net income for 2022 was $3,600,000. Your answer is partially correct. Record the journal entries that are required for items 15 above. (Record entries in the order displayed in the problem statement. 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.)
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