Please help me with the journal entries and calculations. Thank you On January 1, 2026, Marlin Corporation had the following stockholders' equity accounts; Common Stock ($1 par value, 100,000 shares issued and outstanding) $ 100,000 Preferred Stock ($10 par value, 10% stock, 5,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings During the year, the following transactions occurred. Jan. Jan. 12 Jan. 15 Feb. 15 Mar. April 4 May 20 June 14 July 1 Sep. 1 50,000 200,000 $1,000,000 Discovered unrecorded depreciation for 2015 in the amount of $350,000. Issued 100,000 shares of common stock for cash at $3 per share. Declared a $1 per share cash dividend to stockholders of record on January 31, payable February 15. Paid the dividend declared in January Issued 10,000 shares of preferred stock for cash at $55 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000, for services provided in helping the company organize. Purchased 4,500 shares of common treasury stock at $7 per share. Sold 2,000 shares of treasury stock-common for $18,000. Announced a 2-for-1 stock split on common stock. Issued 100,000 shares of common stock for cash at $3 per share. Dec 31 Determined that net income for the year was $320,000
Please help me with the journal entries and calculations. Thank you On January 1, 2026, Marlin Corporation had the following stockholders' equity accounts; Common Stock ($1 par value, 100,000 shares issued and outstanding) $ 100,000 Preferred Stock ($10 par value, 10% stock, 5,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings During the year, the following transactions occurred. Jan. Jan. 12 Jan. 15 Feb. 15 Mar. April 4 May 20 June 14 July 1 Sep. 1 50,000 200,000 $1,000,000 Discovered unrecorded depreciation for 2015 in the amount of $350,000. Issued 100,000 shares of common stock for cash at $3 per share. Declared a $1 per share cash dividend to stockholders of record on January 31, payable February 15. Paid the dividend declared in January Issued 10,000 shares of preferred stock for cash at $55 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000, for services provided in helping the company organize. Purchased 4,500 shares of common treasury stock at $7 per share. Sold 2,000 shares of treasury stock-common for $18,000. Announced a 2-for-1 stock split on common stock. Issued 100,000 shares of common stock for cash at $3 per share. Dec 31 Determined that net income for the year was $320,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Please help me with the journal entries and calculations. Thank you
On January 1, 2026, Marlin Corporation had the following stockholders' equity accounts;
Common Stock ($1 par value, 100,000 shares issued and outstanding) $ 100,000
Preferred Stock ($10 par value, 10% stock,
5,000 shares issued and outstanding)
Paid-in Capital in Excess of Par Value
Retained Earnings
During the year, the following transactions occurred.
Jan. 5
Jan. 12
Jan. 15
Feb. 15
Mar. 1
April 4
May 20
June 14
July 1
Sep. 1
Dec
31
50,000
200,000
$1,000,000
Discovered unrecorded depreciation for 2015 in the amount of $350,000.
Issued 100,000 shares of common stock for cash at $3 per share.
Declared a $1 per share cash dividend to stockholders of record on January 31,
payable February 15.
Paid the dividend declared in January
Issued 10,000 shares of preferred stock for cash at $55 per share.
Issued 10,000 shares of common stock to attorneys in payment of their bill
for $50,000, for services provided in helping the company organize.
Purchased 4,500 shares of common treasury stock at $7 per share.
Sold 2,000 shares of treasury stock-common for $18,000.
Announced a 2-for-1 stock split on common stock.
Issued 100,000 shares of common stock for cash at $3 per share.
Determined that net income for the year was $320,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education