Please see below. The information is needed to answer the items that are in the pictures. Note: I ONLY NEED HELP WITH THE ITEMS THAT ARE IN THE RED BOXES AS THOSE ANSWERS CAME BACK WRONG. ALL OF THE OTHER ONES ARE CORRECT. The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,650 shares authorized) $279,000 Common Stock ($5 stated value, 306,000 shares authorized) 1,274,999 Paid-in Capital in Excess of Par Value—Preferred Stock 13,950 Paid-in Capital in Excess of Stated Value—Common Stock 489,600 Retained Earnings 699,500 Treasury Stock (4,650 common shares) 37,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,860 shares of common stock for $29,160. Mar. 20 Purchased 1,300 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $277,400. Paid the dividend declared on December 1.

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Chapter1: Financial Statements And Business Decisions
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Please see below. The information is needed to answer the items that are in the pictures. Note: I ONLY NEED HELP WITH THE ITEMS THAT ARE IN THE RED BOXES AS THOSE ANSWERS CAME BACK WRONG. ALL OF THE OTHER ONES ARE CORRECT.

The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows.

Preferred Stock (7%, $100 par noncumulative, 4,650 shares authorized)   $279,000
Common Stock ($5 stated value, 306,000 shares authorized)   1,274,999
Paid-in Capital in Excess of Par Value—Preferred Stock   13,950
Paid-in Capital in Excess of Stated Value—Common Stock   489,600
Retained Earnings   699,500
Treasury Stock (4,650 common shares)   37,200


During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1   Issued 4,860 shares of common stock for $29,160.
Mar. 20   Purchased 1,300 additional shares of common treasury stock at $8 per share.
Oct. 1   Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1   Paid the dividend declared on October 1.
Dec. 1   Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec. 31   Determined that net income for the year was $277,400. Paid the dividend declared on December 1.
Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the
order of journal entries posted in the previous part.)
Preferred Stock
1/1 Bal.
279,000
12/31 Bal.
279,000
Common Stock
1/1 Bal.
1,274,999
2/1
24,300
12/31 Bal.
1,299,299
Paid-in Capital in Excess of Par Value-Preferred Stock
1/1 Bal.
13,950
12/31 Bal.
13,950
Paid-in Capital in Excess of Stated Value-Common Stock
489,600
1/1 Bal.
4,860
2/1
<>
>
<>
Transcribed Image Text:Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part.) Preferred Stock 1/1 Bal. 279,000 12/31 Bal. 279,000 Common Stock 1/1 Bal. 1,274,999 2/1 24,300 12/31 Bal. 1,299,299 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. 13,950 12/31 Bal. 13,950 Paid-in Capital in Excess of Stated Value-Common Stock 489,600 1/1 Bal. 4,860 2/1 <> > <>
12/31 Bal.
494,460
Retained Earnings
12/31
19,530
1/1 Bal.
699,500
12/31 Bal.
177,737
12/31
277,400
12/31 Bal.
779,633
Cash Dividends
10/1
19,530
10/1
19,530
12/1
177,737
12/1
12/31 Bal.
177,737
Treasury Stock
1/1 Bal.
37,200
3/20
10,400
47,600
12/31 Bal.
<>
Transcribed Image Text:12/31 Bal. 494,460 Retained Earnings 12/31 19,530 1/1 Bal. 699,500 12/31 Bal. 177,737 12/31 277,400 12/31 Bal. 779,633 Cash Dividends 10/1 19,530 10/1 19,530 12/1 177,737 12/1 12/31 Bal. 177,737 Treasury Stock 1/1 Bal. 37,200 3/20 10,400 47,600 12/31 Bal. <>
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