Business, 15.02.2021 02:00 samueltaye

The stockholders’ equity accounts of Concord Corporation on January 1, 2022, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) $415,000
Common Stock ($10 stated value, 800,000 shares authorized) 1,600,000
Paid-in Capital in Excess of Par Value—Preferred Stock 53,000
Paid-in Capital in Excess of Stated Value —Common Stock 810,000
Retained Earnings 820,000
Treasury Stock (8,100 common shares) 64,800

During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Mar 1 Issued 6,900 shares of common stock for $85 per share.
June 22 Purchased 2,000 additional shares of common treasury stock at $11 per share.
Sept.1 Declared a 10% cash dividend on preferred stock, payable October 1.
Oct.1 Paid the dividend declared on September 1.
Dec.1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.
Dec.31 Determined that net income for the year was $110,000. Paid the dividend declared on December 1.

Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings.

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The stockholders’ equity accounts of Concord Corporation on January 1, 2022, were as follows. Prefe...