?e Accounting question IC E UTC Learn Student Reso ? Chapter 11 Materials-S X Wi

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?e Accounting question IC E UTC Learn Student Reso ? Chapter 11 Materials-S X WileyPLUS ohn- KCSecure https://edugen.wileyplus.com/edugen/lti/main.uni Kimmel, Accounting, 6e PRINTER VERSION BACK Problem 11-2A The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (6%, s 100 par noncumulative, 4,850 shares authorized) Common Stock ($3 stated value, 316,000 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 (4,850 common shares) $291,000 790,000 14,550 505,600 694,500 38,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,700 shares of common stock for $32,900. Mar. 20 Purchased 1,650 additional shares of common treasury stock at $9 per share. Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $276,400. Paid the dividend dedlared on December 1 Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 6:40 PM 6/19/2018

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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. General Journal Date Ref. Details Debit Credit 01-Feb-17 1-001 Cash 32,900.00 3-004 Common Stock 14100.00 3-006 Paid-in Capital, in excess of par value-Common Stock 18800.00 20-Mar-17 3-007 Treasury Stock 14,850.00 1-001 Cash 14850.00 01-Oct-17 3-005 Dividends 17,460.00 2-009 Dividend Payable 17460.00 01-Nov-17 2-009 Dividend Payable 17,460.00 1-001 Cash 17460.00 01-Dec-17 3-005 Dividends 222,303.00 2-009 Dividend Payable 222303.00 31-Dec-17 2-009 Dividend Payable 222,303.00 3-005 Dividends 222303.00 31-Dec-17 0 Income Summary 276,400.00 3-001 Retained Earnings 276400.00 31-Dec-17 3-001 Retained Earnings 239,763.00 3-005 Dividends 239763.00 Retained earnings Date Acct Description Debit Credit Net 1-Jan-17 Beginning 694,500.00 694,500.00 31-Dec-17 Dividends 239,763.00 - 454,737.00 Income Summary - 276,400.00 731,137.00 Preferred Stock Date Acct Description Debit Credit Net 1-Jan-17 Beginning 291,000.00 291,000.00 Common Stock Date Acct Description Debit Credit Net 1-Jan-17 Beginning 790,000.00 790,000.00 1-Feb-17 Cash - 32,900.00 822,900.00 Paid-in Capital, in excess of par value-Common Stock 18,800.00 - 804,100.00 Paid in Capital, in excess of par value-common stock Date Acct Description Debit Credit Net 1-Jan-17 Beginning 505,600.00 505,600.00 Common Stock     18,800.00    524,400.00 Paid in Capital, in excess of par value-Preferred stock Date Acct Description Debit Credit Net 1-Jan-17 Beginning    14,550.00    14,550.00 Treasury Stock Date Acct Description Debit Credit Net 1-Jan-17 Beginning 38800    38,800.00 20-Mar-17 Cash 14,850.00 - 53,650.00 Dividends Date Acct Description Debit Credit Net 1-Oct-17 Dividend Payable 17,460.00 - 17,460.00 1-Dec-17 Dividend Payable 222,303.00 - 222,303.00 31-Dec-17 Retained Earnings - 239,763.00 (239,763.00) Dividend Payable - 222,303.00 (222,303.00)

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