The stockholders' equity accounts of Concord Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) 00 0,000 Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 0000 Retained Earnings 1,750,000 Treasury Stock(10,000 common shares) 000'00 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1. Issued 26,000 shares of common stock for $124,000. 14. p. Sold 5,600 shares of treasury stock-common for $32,400, 3. Issued 4,800 shares of common stock for a patent valued at $34,000. 10. Purchased 1,100 shares of common stock for the treasury at a cost of 56,100. Dec. 31. Determined that net income for the year was $435,000. No dividends were declared during the year. (e) Journalize the transactions and the closing entry for net income. (Listall debit entries before credit entries. Record journalentries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation

The stockholders' equity accounts of Concord Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) 00 0,000 Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 0000 Retained Earnings 1,750,000 Treasury Stock(10,000 common shares) 000'00 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1. Issued 26,000 shares of common stock for $124,000. 14. p. Sold 5,600 shares of treasury stock-common for $32,400, 3. Issued 4,800 shares of common stock for a patent valued at $34,000. 10. Purchased 1,100 shares of common stock for the treasury at a cost of 56,100. Dec. 31. Determined that net income for the year was $435,000. No dividends were declared during the year. (e) Journalize the transactions and the closing entry for net income. (Listall debit entries before credit entries. Record journalentries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation

Name: The stockholders' equity accounts of Concord Corporation on January 1
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Description: The stockholders' equity accounts of Concord Corporation on January 1, 2022, were as follows.Preferred Stock (8%, $52 par, 11,000 shares authorized)Common Stock ($1 stated value, 2,000,000 shares authorized)00 0,000Paid-in Capital in Excess of Par-P

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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