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The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8 %, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 Dec. 31 1,050,000 No dividends were declared during the year. 150,000 1,500,000 1,800,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 52,500 Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000.

The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8 %, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 Dec. 31 1,050,000 No dividends were declared during the year. 150,000 1,500,000 1,800,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 52,500 Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000.

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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Current Attempt in Progress The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 1,050,000 150,000 1,500,000 1.800,000 No dividends were declared during the year. 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1.100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000. Dec. 31
Transcribed Image Text:Current Attempt in Progress The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 1,050,000 150,000 1,500,000 1.800,000 No dividends were declared during the year. 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1.100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000. Dec. 31
2 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question) > WHISPERING WINDS CORPORATION Balance Sheet (Partial) S S
Transcribed Image Text:2 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question) > WHISPERING WINDS CORPORATION Balance Sheet (Partial) S S
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