Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Dec. 31 Determined that net income for the year was $390,000. Paid the dividend declared on December 1. Your answer is partially correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Date Feb. 1 Mar. 20 Debit 0000 Credit
Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Dec. 31 Determined that net income for the year was $390,000. Paid the dividend declared on December 1. Your answer is partially correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Date Feb. 1 Mar. 20 Debit 0000 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please dont give handwritten answer thanku
Transcribed Image Text:The stockholders' equity accounts of Concord Corporation on January 1, 2025, were as follows.
Preferred Stock (7%, $100 par noncumulative, 7,000 shares authorized)
Common Stock ($4 stated value, 420,000 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 (7,000 common shares)
O
During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 7,000 shares of common stock for $42,000.
Mar. 201
Oct. 1
Nov.
1
$420,000
1,400,000
21,000
672,000
963,200
56,000
Dec. 1
Purchased 1,400 additional shares of common treasury stock at $7 per share.
Declared a 7% cash dividend on preferred stock, payable November 1.
Paid the dividend declared on October 1.
Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2
Transcribed Image Text:Nov. 1
Dec. 1
Dec. 31
Your answer is partially correct.
Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (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 O for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Date
Paid the dividend declared on October 1.
Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2
Determined that net income for the year was $390,000. Paid the dividend declared on December 1.
Feb. 1
Mar. 201
Debit
Credit
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