The stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,500 shares authorized) Common Stock ($4 stated value, 810,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (13,500 common shares) $810,000 2,700,000 40,500 1,296,000 1,857,600 108,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 13,500 shares of common stock for $81,000. Mar. 20 Purchased 2,700 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Oct. 1 Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31 Dec. 31 Determined that net income for the year was $756,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order
The stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,500 shares authorized) Common Stock ($4 stated value, 810,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (13,500 common shares) $810,000 2,700,000 40,500 1,296,000 1,857,600 108,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 13,500 shares of common stock for $81,000. Mar. 20 Purchased 2,700 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Oct. 1 Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31 Dec. 31 Determined that net income for the year was $756,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 13,500 shares authorized)
Common Stock ($4 stated value, 810,000 shares authorized)
Paid-in Capital in Excess of Par Value-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Retained Earnings
Treasury Stock (13,500 common shares)
$810,000
2,700,000
40,500
1,296,000
1,857,600
108,000
During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 13,500 shares of common stock for $81,000.
Mar. 20
Oct. 1
Nov. 1
Dec. 1
Dec. 31
Purchased 2,700 additional shares of common treasury stock at $7 per share.
Declared a 7% cash dividend on preferred stock, payable November 1.
Paid the dividend declared on October 1.
Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31
Determined that net income for the year was $756,000. Paid the dividend declared on December 1.
Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order
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