The stockholders' equity accounts of Sandhill Corporation on January 1, 2025, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 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 (8,600 common shares) Mar. 1 Issued 6,200 shares of common stock for $80 per share. June 22 Sept. 1 Oct. Dec. 1 1 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. 31 $400,000 1,410,000 Date 51,000 830,000 780,000 Account Titles and Explanation 68,800 Purchased 1,100 additional shares of common treasury stock at $11 per share. Declared a 10% cash dividend on preferred stock, payable October 1. Paid the dividend declared on September 1. Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31. 2025. Determined that net income for the year was $130,000. Paid the dividend declared on December 1. Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. (Record journa 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. List all debit entries before credit entries.) Debit Credit
The stockholders' equity accounts of Sandhill Corporation on January 1, 2025, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 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 (8,600 common shares) Mar. 1 Issued 6,200 shares of common stock for $80 per share. June 22 Sept. 1 Oct. Dec. 1 1 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. 31 $400,000 1,410,000 Date 51,000 830,000 780,000 Account Titles and Explanation 68,800 Purchased 1,100 additional shares of common treasury stock at $11 per share. Declared a 10% cash dividend on preferred stock, payable October 1. Paid the dividend declared on September 1. Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31. 2025. Determined that net income for the year was $130,000. Paid the dividend declared on December 1. Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. (Record journa 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. List all debit entries before credit entries.) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A 227.
Transcribed Image Text:The stockholders' equity accounts of Sandhill Corporation on January 1, 2025, were as follows.
Preferred Stock ( 10 %, $100 par noncumulative, 5,000 shares authorized)
Common Stock ($10 stated value, 800,000 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 (8,600 common shares)
Mar. 1 Issued 6,200 shares of common stock for $80 per share.
June 22
Sept. 1
Oct. 1
During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.
Dec. 1
31
Date
4
Date
anscribed Te
Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. (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. List all debit entries before credit entries)
v
Account Titles and Explanation
Purchased 1,100 additional shares of common treasury stock at $11 per share.
Declared a 10% cash dividend on preferred stock, payable October 1.
Paid the dividend declared on September 1.
Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31,
2025.
Determined that net income for the year was $130,000. Paid the dividend declared on December 1.
Account Titles and Explanation
$400,000
1,410,000
51,000
(To close net income)
830,000
(To close dividends)
780,000
(To record payment of the dividend declared on
December 1)
68,800
Debit
Debit
Credit
Credit
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