Please only use the accounts given as written, and fill ALL of the boxes, do not
ID: 2590278 • Letter: P
Question
Please only use the accounts given as written, and fill ALL of the boxes, do not leave them incomplete Thank you! Show work if possible.
List of Accounts to choose from
Bonds PayableBuildings
Cash
Common Stock
Common Stock Dividend Distributable
Debt Investments
Dividends Payable - Common Stock
Dividends Payable - Preferred Stock
Discount on Bonds Payable
Equipment
Equity
Equity Investments
Income Summary
Land
Legal Fees Expense
No Entry
Organization Expense
Paid-in Capital from Treasury Stock
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Paid-in Capital in Excess of Stated Value - Common Stock
Preferred Stock
Property Dividends Payable
Retained Earnings
Treasury Stock
Unamortized Bond Issue Costs
Unrealized Holding Gain or Loss - Income Concord Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) Additional paid-in capital Retained earning:s 101,500 130,000 486,000 $897,500 Total During 2017, Concord took part in the following transactions concerning stockholders' equity 1. Paid the annual 2016 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016 2. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Concord uses the cost method 3. Reissued 700 treasury shares for land valued at $31,400 4. Issued 510 shares of preferred stock at $104 per share 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share 6. Issued the stock dividend 7. Declared the annual 2017 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018 (a) Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Explanation / Answer
No. Account titles & explanations Debit Credit 1) dividends payable-preferred stock(9*1800) 16200 dividends payable-common stock (20300*2) 40600 cash 56800 2) Treasury stock 73800 cash (1800*41) 73,800 3) land 31,400 Treasury stock (700*41) 28700 paid in capital from Treasury stock 2,700 4) Cash (510*104) 53040 Preferred stock (510*100) 51000 Paid in capital in excess of par-Preferred stock 2040 5) Retained earnings (1920*45) 86400 common stock dividend distributable 9600 paid in capital in excess of par- common stock 76800 6) Common stock dividend distributable 9,600 common stock. 9,600 7) Retained earnings 63030 Dividends payable -Preferred stock (2,310*9) 20790 dividends payable-common stock (21,120*2) 42240