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Journalize transactions and closing entry for net income

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Reference no: EM132468680

The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows.

  • Total stockholders' equity $5,350,000
  • Journalize and post stock transactions, and prepare stockholders' equity section.
  • No dividends were declared during the year.

Instructions

Question (a) Journalize the transactions and the closing entry for net income.

Question (b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)

Question (c) Prepare stockholders' equity section at December 31, 2017.

Osage Corporation issued 2,000 shares of stock.

Instructions

Question 1: Prepare the entry for the issuance under the following assumptions.

(a) The stock had a par value of $5 per share and was issued for a total of $52,000.

(b) The stock had a stated value of $5 per share and was issued for a total of $52,000.

(c) The stock had no par or stated value and was issued for a total of $52,000.

(d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000.

(e) The stock had a par value of $5 per share and was issued for land worth $52,000.

Reference no: EM132468680

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