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. 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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During 2022, the corporation had the following transactions and events pertaining to its stockholder...
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