Please see the picture below for relevant problem information. -Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. - 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)$279,000Common Stock ($5 stated value, 306,000 shares authorized)1,274,999Paid-in Capital in Excess of Par Value-Preferred Stock13,950Paid-in Capital in Excess of Stated Value-Common Stock489,600Retained Earnings699,500Treasury Stock (4,650 common shares)37,200During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity.1Issued 4,860 shares of common stock for $29,160.Feb.Mar. 20Purchased 1,300 additional shares of common treasury stock at $8 per share.1Declared a 7% cash dividend on preferred stock, payable November 1.Oct.1Paid the dividend declared on October 1.Nov.Dec.Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31,2017.31Determined that net income for the year was $277,400. Paid the dividend declared on December 1.Dec.

Date Account Titles and Explanation Debit Credit Feb'1 Cash $ 29,160 Common Stock…

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 37,200 Treasury Stock (4,650 common shares)

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 37,200 Treasury Stock (4,650 common shares)

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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