The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock...
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The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($5 stated value, 326,000 shares authorized) $240,000 1,358,333 12,000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 521,600 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,620 shares of common stock for $32,340. Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Feb. 1 Date Oct. 1 Purchased 1,550 additional shares of common treasury stock at $9 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Mar. 20 Nov. 1 Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $279,000. Paid the dividend declared on December 1. Account Titles and Explanation Debit Credit Cash Dec. 1 Common Stock Paid-in Capital in Exces Treasury Stock Cash Cash Dividends Dividends Payable Dividends Payable Cash Cash Dividends D Dividends Payable [Dec. 31 Income Summary Retained Earnings (To record net income) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 1 D D M F 32340 13950 16800 16800) 216589 279000 233389 216589 23100 9240 13950 16800 16800 216589 279000 233389 The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($5 stated value, 326,000 shares authorized) $240,000 1,358,333 12,000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 521,600 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,620 shares of common stock for $32,340. Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Feb. 1 Date Oct. 1 Purchased 1,550 additional shares of common treasury stock at $9 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Mar. 20 Nov. 1 Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $279,000. Paid the dividend declared on December 1. Account Titles and Explanation Debit Credit Cash Dec. 1 Common Stock Paid-in Capital in Exces Treasury Stock Cash Cash Dividends Dividends Payable Dividends Payable Cash Cash Dividends D Dividends Payable [Dec. 31 Income Summary Retained Earnings (To record net income) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 1 D D M F 32340 13950 16800 16800) 216589 279000 233389 216589 23100 9240 13950 16800 16800 216589 279000 233389
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Feb 1 Issued 4620 shares of common stock for 32340 Dr Cash 32340 Cr Common stock 23100 4620 ... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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