The following selected accounts appear in the ledger of EJ Construction Inc. at
ID: 2425736 • Letter: T
Question
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year:
During the year, the corporation completed a number of transactions affecting the stockholders’ equity
The owners' equity in a corporation.
. They are summarized as follows:
The stock outstanding when a corporation has issued only one class of stock.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) $3,980,000 Paid-In Capital in Excess of Par—Preferred Stock 159,200 Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) 5,610,000 Paid-In Capital in Excess of Par—Common Stock 1,215,500 Retained Earnings 31,497,000Explanation / Answer
Journal Debit Credit cash 4,796,100 Common stock 1,598,700 Paid in excess of par-common stock 3,197,400 Cash 638,000 Preferred stock 550,000 Paid-In Capital in Excess of Par—Preferred Stock 88,000 Treasury stock 363,200 cash 363,200 cash 214,000 Treasury stock 64,200 Paid in excess of par-common stock 149,800 cash 30,100 Treasury stock 12,900 Paid in excess of par-common stock 17,200 Dividend 212,124 Dividend payable 212,124 Dividend payable cash Working: Common stock 1,870,000 Addition: 558,600 purchase of treasury stock (45,400) 2,383,200 Dividend 166,824 Preferred stock 79,600 Addition 11,000 90,600 Dividend 45,300 Total dividend 212,124
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