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Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) Feb. Apr. 14 Sept. 3 Nov. 10 $400,000 1,200,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Issued 24,000 shares of common stock for $116,000. Dec. 31 135,000 1,500,000 1,850,000 55,000 Sold 6,000 shares of treasury stock-common for $32,900. Issued 5,200 shares of common stock for a patent valued at $35,700. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $415,000.

Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) Feb. Apr. 14 Sept. 3 Nov. 10 $400,000 1,200,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Issued 24,000 shares of common stock for $116,000. Dec. 31 135,000 1,500,000 1,850,000 55,000 Sold 6,000 shares of treasury stock-common for $32,900. Issued 5,200 shares of common stock for a patent valued at $35,700. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $415,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Balance Common Stock Date Explanation Ref. Balance 35 Balance 35 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Balance ✓ Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. V Debit 35 Debit Debit Credit Credit Credit Credit Balance Balance Balance Balance
Transcribed Image Text:Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Balance Common Stock Date Explanation Ref. Balance 35 Balance 35 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Balance ✓ Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. V Debit 35 Debit Debit Credit Credit Credit Credit Balance Balance Balance Balance
Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock ( 8 %, $50 par, 11.000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 400,000 1,200,000 135,000 1,500,000 1,850,000 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Determined that net income for the year was $415,000, Issued 24,000 shares of common stock for $116,000. Sold 6,000 shares of treasury stock-common for $32,900. Issued 5,200 shares of common stock for a patent valued at $35,700. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.
Transcribed Image Text:Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock ( 8 %, $50 par, 11.000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 400,000 1,200,000 135,000 1,500,000 1,850,000 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Determined that net income for the year was $415,000, Issued 24,000 shares of common stock for $116,000. Sold 6,000 shares of treasury stock-common for $32,900. Issued 5,200 shares of common stock for a patent valued at $35,700. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.
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