Problem 11-2A (Part Level Submission) The stockholders’ equity accounts of Monty
ID: 2591784 • Letter: P
Question
Problem 11-2A (Part Level Submission)
The stockholders’ equity accounts of Monty Corp. on January 1, 2017, were as follows.
This problem is not "Dividends","Cash Dividends", "stock Dividens" or "Dividens payable". What is it?
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Monty Corp. on January 1, 2017, were as follows. Preferred stock (6%, $100 par noncumulative, 4,900 shares authorized) Common Stock ($3 stated value, 335,000 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 (4,900 common shares) $294,000 837,500 14,700 536,000 695,000 39,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 5,310 shares of common stock for $37,170 Mar. 20 Purchased 1,300 additional shares of common treasury stock at $9 per share Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend declared on October1 Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $278,600. Paid the dividend declared on December 1Explanation / Answer
Date General Journal Debit Credit Dec. 31 Retained Earnings 212,434 Cash Dividends 212,434