Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par Value-Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock-Common (10,000 shares) 50,000
During 2010, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 25,000 shares of common stock for $120,000.
Apr. 14 Sold 6,000 shares of treasury stock-common for $33,000.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000.
No dividends were declared during the year.
Journalize the transactions and the closing entry for net income.
This question was asked on Mar 14, 2011.
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