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The stockholders' equity accounts of Kingbird, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (11,000 common shares) During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. $ 425,000 1,250,000 140,000 1,400,000 1,800,000 55,000 Feb. 1 Issued 24,000 shares of common stock for $124,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,300. Sept. 3 Issued 4.900 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Determined that net income for the year was $445,000. Dec. 31 No dividends were declared during the year.

The stockholders' equity accounts of Kingbird, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (11,000 common shares) During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. $ 425,000 1,250,000 140,000 1,400,000 1,800,000 55,000 Feb. 1 Issued 24,000 shares of common stock for $124,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,300. Sept. 3 Issued 4.900 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Determined that net income for the year was $445,000. Dec. 31 No dividends were declared during the year.

FINANCIAL ACCOUNTING
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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Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock
Transcribed Image Text:Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock
The stockholders' equity accounts of Kingbird, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (11,000 common shares) $ 425,000 1,250,000 140,000 1,400,000 1,800,000 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $124,000. Apr. 14. Sold 5,600 shares of treasury stock-common for $32,300. Sept. 3 Issued 4.900 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $445,000. No dividends were declared during the year.
Transcribed Image Text:The stockholders' equity accounts of Kingbird, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (11,000 common shares) $ 425,000 1,250,000 140,000 1,400,000 1,800,000 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $124,000. Apr. 14. Sold 5,600 shares of treasury stock-common for $32,300. Sept. 3 Issued 4.900 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $445,000. No dividends were declared during the year.
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