Reference no: EM13786662
The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.
Preferred Stock (7%, $100 par noncumulative, 4,800 shares authorized) $288,000
Common Stock ($5 stated value, 324,000 shares authorized) 1,296,000
Paid-in Capital in Excess of Par Value Preferred Stock 11,520
Paid-in Capital in Excess of Stated Value Common Stock 518,400
Retained Earnings 707,000
Treasury Stock (4,800 common shares) 38,400
During 2014, the corporation had the following transactions and events pertaining to its stockholders equity.
Feb. 1 Issued 5,100 shares of common stock for $35,700.
Mar. 20 Purchased 1,030 additional shares of common treasury stock at $9 per share.
Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014.
Dec. 31 Determined that net income for the year was $278,000. Paid the dividend declared on December 1.
Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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