accounting 2 494941

P12-30A PrintTYK Test Your Knowledge Student Name Course Name Student ID: Date: Requirements 1. Students please fill-in areas that are shaded Req. 1 DEBIT CREDIT Journal DATE ACCOUNTS AND EXPLANATIONS 2. Req. 2 Issuing stock and preparing the stockholders’ equity section of the balance sheet LO 3 [15-20 minutes] Paid-in capital in excess of par – common Stockholders’ Equity Paid-in capital: Retained earnings Total stockholder’s equity Total paid-in capital P12-30A Lincoln-Priest, Inc., was organized in 2011. At December 31, 2011, the Lincoln- Priest balance sheet reported the following stockholders’ equity: Paid-in Capital: Preferred stock, 7%, $40 par, 110,000 shares authorized, none issued Common stock, $1 par, 520,000 shares authorized, 61,000 shares issued and outstanding Paid-in capital in excess of par – common Total paid-in capital Total stockholders’ equity December 31, 2011 LINCOLN-PRIEST, INC. During 2012, the company completed the following selected transactions. Journalize each transaction. Explanations are not required. a. Issued for cash 1,300 shares of preferred stock at par value. b. Issued for cash 2,400 shares of common stock at a price of $5 per share. c. Net income for the year was $74,000, and the company declared no dividends. Make the closing entry for net income. Prepare the stockholders’ equity section of the Lincoln-Priest balance sheet at December 31, 2012. a. b. c. *61,000 + 2,400 = 63,400 shares Accounting, 9e $0.00 $61,000.00 41000.00 $102,000.00 29000.00 $131,000.00 LINCOLN-PRIEST, INC. 41000.00 41000.00 41000.00 $41,000.00 Print Test Your Knowledge P12-30A PrintTYK Test Your Knowledge Student Name Course Name Student ID: Date: Requirements 1. Students please fill-in areas that are shaded Req. 1 DEBIT CREDIT Journal DATE ACCOUNTS AND…