Reference no: EM133166102
Question - The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows.
Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) $400,000
Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000
Paid-in Capital in Excess of Par-Preferred Stock 135,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000
Retained Earnings 1,800,000
Treasury Stock (10,500 common shares) 52,500
During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 25,000 shares of common stock for $121,000.
Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900.
Dec. 31 Determined that net income for the year was $410,000.
No dividends were declared during the year.
Required - What the transactions and the closing entry for net income.
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