Problem 11-2A (Part Level Submission) The stockholders’ equity accounts of Concord Corporation on January 1, 2017, were as follows.

Problem 11-2A (Part Level Submission)

The stockholders’ equity accounts of Concord Corporation on January 1, 2017, were as follows.

Preferred Stock (6%, $100 par noncumulative, 4,750 shares authorized)$285,000Common Stock ($4 stated value, 311,000 shares authorized)1,036,666Paid-in Capital in Excess of Par Value—Preferred Stock14,250Paid-in Capital in Excess of Stated Value—Common Stock497,600Retained Earnings705,000Treasury Stock (4,750 common shares)38,000

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

Feb.1Issued 4,520 shares of common stock for $27,120.Mar.20Purchased 1,100 additional shares of common treasury stock at $9 per share.Oct.1Declared a 6% cash dividend on preferred stock, payable November 1.Nov.1Paid the dividend declared on October 1.Dec.1Declared a $0.65 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.Dec.31Determined that net income for the year was $283,200. Paid the dividend declared on December 1.

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(a)

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

res_EAT_1341917206340_0_8846424773009444_002

bank

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

(To record net income)

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

(To close cash dividends)

 Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

(To record payment of cash dividends payable)

DateFeb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Dec. 31 Dec. 31 Account Titles and Explanation CashCommon Stock Paid in Capital in excess of stated value — Common Stock Treasury StockCashCash…