Reference no: EM131794834
Assignment
The stock holders' equity accounts of castle corporation on january 1, 2017 , were as follows
Preferred stock(8% , $50 par, 10,000 shares authorized ) $ 400,000
Commom stock ( $1 stated value , 2,000,000 shares authorized ) 1,000,000
Paid in capital in excess of par __ preferred stock 100,000
Paid in capital in excess of sated value __common stock 1,450,000
Retained earnings 1,816,000
Treasury stock (10,000 commom shares ) 50,000
During 2017 , the corporation had the following transactions and events pertaining to its stockholders' equity
Feb.1 issued 25000 shares of commkn stock for $120,000
Apr.14 sold 6,000 shares of treasury stock__common for $33,000
Sept.3 issued 5,000 shares of common stock for a patent value at $35,000
Nov.10 purchases 1,000 shares of common stock for the treasury at a cost of $6,000
Dec.31 determined that net income for the year was $452,000
No dividends was declared during the year
Instructions :
(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 stock holders' equity accounts .( Use J5 for the posting reference)
(c) Prepare a stockholders' equity section at december 31 ,2017)
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