The stockholders' equity accounts of Marigold Corp. 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. Feb. 1 Issued 24,000 shares of common stock for $115,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,200. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,600. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6.200. Determined that net income for the year was $485,000. Dec. $ 375,000 1,150,000 110,000 1,450,000 1,750,000 55,000 31 No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
The stockholders' equity accounts of Marigold Corp. 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. Feb. 1 Issued 24,000 shares of common stock for $115,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,200. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,600. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6.200. Determined that net income for the year was $485,000. Dec. $ 375,000 1,150,000 110,000 1,450,000 1,750,000 55,000 31 No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The stockholders' equity accounts of Marigold Corp. on January 1, 2022, were as follows.
Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized)
$ 375,000
Common Stock ($1 stated value, 2,050,000 shares authorized)
1,150,000
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.
Feb.
1 Issued 24,000 shares of common stock for $115,000.
Apr. 14 Sold 5,600 shares of treasury stock-common for $33,200.
Sept. 3
Nov.
10
Dec. 31
110,000
1,450,000
1,750,000
55,000
No dividends were declared during the year.
(a)
Issued 4,800 shares of common stock for a patent valued at $34,600.
Purchased 1,100 shares of common stock for the treasury at a cost of $6,200.
Determined that net income for the year was $485,000.
Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts.)
Transcribed Image Text:Date
Feb. 1
Apr. 14
Sept. 3
Nov. 10
V
Dec. 31 V
Account Titles and Explanation
Cash
Common Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Cash
Paid-in Capital from Treasury Stock
Treasury Stock
Debit
115,000
32,000
Credit
24,000
91000
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