WileyPLUs Kimmel, Accounting, 6e CALCULATOR T RESOURCES Problem 11-2A The stockh

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WileyPLUs Kimmel, Accounting, 6e CALCULATOR T RESOURCES Problem 11-2A The stockholders' equity accounts of Sarasota Corp. on January 1, 2017, were as folliows Preferred Stock (6%, $100 par noncumulative, 4,450 shares authorized) Common Stock ($4 stated value, 296,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock $267,000 986,666 13,350 473,600 699,500 35,600 lits by StudyPad- Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,450 common shares) During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,140 shares of common stock for $30,840. Mar. 20 Purchased 1,800 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 $o.75 per share cash dividend to common stockholders of record on December 15, payable December 31, Dec. 31 Determined that net income for the year was $277,600. Paid the dividend declared on December 1. Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earmings.) (Record entries in the order dipae statement. Credit account titles are SAMSUNG

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Sarasota Corp. General Journal for the year ending December 31, 2017 Date Account Title Debit Credit Feb.1,2017 Cash 30840 Common Stock 20560 APIC - Common Stock 10280 (Issue of 5,140 shares of common stock for $30,840) Mar.20,2017 Treasury Stock 16200 Cash 16200 (Purchase of 1,800 shares of common treasury stock) Oct.1,2017 Retained earnings 16020 Dividend Payable 16020 (6% cash dividend declared on preferred stock) Nov.1,2017 Dividend Payable 16020 Cash 16020 (Cash dividend paid to preferred stokholders) Dec.1, 2017 Retained earnings 180312 Dividend Payable 180312 (Cash dividend on common stock) Dec.31,2017 Income Summary 277600 Retained earnings 277600 (Net income for the year) Dec.31,2017 Dividend Payable 180312 Cash 180312 (Payment of cash dividend on common stock) Common stock dividend Beginning Common stock A 986666 Stated value B $4.00 Number of common stock shares (A/B) C 246667 Less: Treasury sttock on Jan.1                                  4,450            Treasury stock purchased on March 20     1,800 D 6250 Common stock shares outstanding for cash dividend (C-D) E 240417 Cash dividend per share F $0.75 Cash dividend on common stock G 180312

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