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H education wiley.com/was/ui/v2/assessment-player/index.html/launchid=e7ddbae4-5606-43cc-9c6-777881ad57c/question/11 Question 12 of 13 < View Policies Current Attempt in Progress The stockholders' equity accounts of Concord Corporation on January 1, 2022, were as follows $360,000 Preferred Stock (8%, 548 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,100,000 shares authorized) 1,300,000 Paid in Capital in Excess of Par-Preferred Stock 150,000 Paid in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1.850,000 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 24,000 shares of common stock for $118.000. Apr. 14 Sold 5,500 shares of treasury stock-common for $33,800 Sept. 3 Issued 4,900 shares of common stock for a patent valued at $35.100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6.100, 69°F 0% BI AC116 Unit 7 Lab Assignment Type here to search -75 E 1
Type here to search Question 12 of 13 Feb. 1 Issued 24,000 shares of common stock for $118,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $33,800. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $35,100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $475,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Credit Account Titles and Explanation Debit O II 2 6 G 69°F -/5 ***
7Lab Assignment Question 12 of 13 Date < Account Titles and Explanation Debit 1000000 KE -15 1 Credit 69°F
W AC116 Unit 7 Lab Assignment Type here to search Question 12 of 13 (b) eTextbook and Media List of Accounts O radbaet 5608-43ce-96-777881ad879c/question/11 -15 1 Attempte: 0 of 5 used Submit A H
3 Type here to search Question 12 of 13 -/5 E 1 (b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part) Preferred Stock Date Explanation Ref. Debit Credit Balance Balance V Date Explanation Ref. Debit Credit Balance Balance V 35 35 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Balance Balance 69°F Common Stock Credit
!! Lab Assignment Type here to search Question 12 of 13 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Balance Pald-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Balance V 35 35 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit 35 Retained Earnings Date Explanation Ref. Ef O G 1₂ Debit 6 F Credit Credit Credit Credit -15 E 1 Balance Balance Balance Balance 69°F QA
AC116 Unit 7 Lab Assignment Question 12 of 13 > Explanation Ref. Balance V 35 Explanation Ref. Balance J5 05 eTextbook and Media List of Accounts Save For Latar Retained Earnings Date Treasury Stock Date 1 Debit Debit Credit Credit -/5 Balance Balance Attempts: 0 of 5 used Submit Antwer 69°F A
Type here to search SHIRA Question 12 of 13 < -/5 : (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question) CONCORD CORPORATION Balance Sheet (Partial) 69°F B E 1. 6
Type here to search Question 12 of 13 a < i > 000 69°F -15 I
H Type here to search Question 12 of 13 < eTextbook and Media List of Accounts Save for Later O XI 14 2 -/5 E Attempts: 0 of 5 used Submit Anver 69°F A