DateAccountsDebitCredit June 12Cash315,000 Common Stock84,000 Paid-In Capital in Excess of Par Value231,000 July 11Cash (3,400 X $107)363,800 Preferred Stock (3,400 X $102)346,800 Paid-In Capital in Excess of Par Value-P17,000 Nov 28Treasury Stock8,150 Cash8,150
DateAccountsDebitCredit June 15Cash Dividends117,225 Dividends Payable117,225 (62,400 + 15,750) X $1.50 July 10Dividends Payable117,225 Cash117,225 Dec 15Cash Dividends136,240 Dividends Payable136,240 (62,400 + 15,750 +7,000) X $1.60
DateAccountsDebitCredit Feb 1Cash42,000 Common Stock (7,000 sh X $4)28,000 Paid-In Capital in Excess of Stated Value- Common Stock14,000 Mar 20Treasury Stock (1,400 X $7)9,800 Cash9,800 Oct 1Cash Dividends ($420,000 X 7%)29,400 Dividends Payable29,400 Nov 1Dividends Payable29,400 Cash29,400 Dec 1Cash Dividends174,300 Dividends Payable174,300 350,000 + 7,000 -(7,000 + 1,400)X.50 Dec 31Income Summary390,000 Retained Earnings390,000 Dec 31Retained Earnings203,700 Cash Dividends203,700 Dec 31Dividends Payable174,300 Cash174,300
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