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Question:

Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($5 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value—Preferred Stock 20,000 Paid-in Capital in Excess of Stated Value—Common Stock 425,000
Retained Earnings 488,000 Treasury Stock—Common (5,000 shares) 40,000
During 2006, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 3,000 shares of common stock for $25,000. Mar. 20 Purchased 1,500 additional shares of common treasury stock at $8 per share. June 14 Sold 4,000 shares of treasury stock—common for $36,000. Sept. 3 Issued 2,000 shares of common stock for a patent valued at $17,000. Dec. 31 Determined that net income for the year was $340,000.
(a) Journalize the transactions and the closing entry for net income.
(b) Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts.

This you will find inside the text book.

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