Est 12:16 AM edugen.wileyplus.com Open Assignment t experience please view on your desktop. ort by type Sort by date Problem 11-2A (Part Level Submission) The stockholders\' equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (796, $100 par noncumulative, 4,300 shares authorized) Common Stock ($3 stated 793,680 value, 330,700 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value- Common Stock Retained Earnings Treasury Stock (4,300 common shares) 10,320 5 529,120 4,400 During 2014, the corporation had the following transactions and events pertaining to its stockholders\' equity. reb. i Issued 4,600 shares of common stock for $32,200. a20 Purchased 1,750 additional shares of common treasury stock at $7 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. No 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 $283,900. 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.) 2.200
Solution
Entry is given below
.
Est 12-16 AM edugen-wileyplus-com Open Assignment t experience please.docx
1. Est 12:16 AM edugen.wileyplus.com Open Assignment t experience please view on your
desktop. ort by type Sort by date Problem 11-2A (Part Level Submission) The stockholders'
equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (796,
$100 par noncumulative, 4,300 shares authorized) Common Stock ($3 stated 793,680 value,
330,700 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in
Capital in Excess of Stated Value- Common Stock Retained Earnings Treasury Stock (4,300
common shares) 10,320 5 529,120 4,400 During 2014, the corporation had the following
transactions and events pertaining to its stockholders' equity. reb. i Issued 4,600 shares of
common stock for $32,200. a20 Purchased 1,750 additional shares of common treasury stock at
$7 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. No
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 $283,900. Paid the dividend declared on December
1. Journalize the transactions. (Record entries in the order displayed in the problem statement.
Credit account titles are automatically indented when amount is entered. Do not indent
manually.) 2.200
Solution
Entry is given below
Date Account Dr$ Cr $
Dec. 1 Retained Earning 188,412
Dividend payable 188,412
(dividend declared on 269160
common stocks @$ 0.70 per share
Dec. 31 Dividend payable 188,412
Cash 188,412
(Payout of dividend declared)
