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he stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock...

he stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) $  375,000
Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000
Paid-in Capital in Excess of Par—Preferred Stock 140,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,850,000
Treasury Stock (11,000 common shares) 55,000


During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1 Issued 24,500 shares of common stock for $125,000.
Apr. 14 Sold 5,600 shares of treasury stock—common for $32,200.
Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100.
Dec. 31 Determined that net income for the year was $420,000.


No dividends were declared during the year.

Business   Accounting   
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Answer #1

Journal Entries :-

Date

Transactions

Debit

Credit

Feb 1

Cash

125000

Common Stock

24500

Paid in Capital

100500

Apr 14

Cash

32200

Paid in Capital

4200

Treasury Stock

28000

Sep 3

Patents

35000

Common Stock

4700

Paid in Capital

30300

Nov 10

Treasury Stock

6100

Cash

6100

Dec 31

Income Summary

420000

Retained Earnings

420000
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