Reference no: EM132341953
Question - Given
Preferred Stock (8%, $52 par, 11,000 shares authorized) $416,000
Common Stock ($1 stated value, 1,900,000 shares authorized) 1,300,000
Paid-in Capital in Excess of Par-Preferred Stock 120,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000
Retained Earnings1,800,000Treasury Stock (10,500 common shares) 52,500
What is the closing entry? And how to get the answer.