Reference no: EM132530845
Question - The stockholders' equity accounts of Concord Corporation on January 1, 2020, were as follows.
Preferred Stock (8%, $48 par, 11,000 shares authorized)$ 360,000Common Stock ($1 stated value, 2,100,000 shares authorized)1,300,000Paid-in Capital in Excess of Par-Preferred Stock150,000Paid-in Capital in Excess of Stated Value-Common Stock1,450,000Retained Earnings1,850,000Treasury Stock (10,500 common shares)52,500
During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb.1 Issued 24,000 shares of common stock for $118,000.
Apr.14 Sold 5,500 shares of treasury stock-common for $33,800.
Sept.3 Issued 4,900 shares of common stock for a patent valued at $35,100.
Nov.10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100.
Dec.31 Determined that net income for the year was $475,000.
Required -
1) Journalize the transactions and the closing entry for net income.
2) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
3) Create a stockholders' equity section at December 31, 2020.
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