Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Proferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock $300,000 1,000,000 15,000 480,000 691,500 Retained Earnings Treasury Stock (5,000 common shares) 40,000 Duning 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $35,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Mar. 20 Oct. 1 Nov. 1 Paid the dividend declared on October 1. Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Dec. 1 Dec. 31 v (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Eamings.) (Record entries in the order display amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the a Date Account Titles and Explanation Debit Credit
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Proferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock $300,000 1,000,000 15,000 480,000 691,500 Retained Earnings Treasury Stock (5,000 common shares) 40,000 Duning 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $35,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Mar. 20 Oct. 1 Nov. 1 Paid the dividend declared on October 1. Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Dec. 1 Dec. 31 v (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Eamings.) (Record entries in the order display amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the a Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 11-2A (Part Level Submission)
The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows.
11
Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized)
Common Stock ($4 stated value, 300,000 shares authorized)
Paid-in Capital in Excess of Par Value-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
$300,000
1,000,000
15,000
480,000
Retained Earnings
691,500
Treasury Stock (5,000 common shares)
40,000
During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1
Issued 5,000 shares of common stock for $35,000.
Purchased 1,000 additional shares of common treasury stock at $8 per share.
Mar. 20
Oct.
Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1
Paid the dividend declared on October 1.
Dec. 1
Declared a $0.55 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 $278,300. Paid the dividend declared on December 1.
(a)
Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement C
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to t de
Date
Account Titles and Explanation
Debit
Credit
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