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accounting question help for acct 221 498770

Problem 14-2A

The stockholders equity accounts of Falk Company at January 1, 2012, are as follows.

Preferred Stock, 6%, $50 par $625,000
Common Stock, $4 par 636,000
Paid-in Capital in Excess of Par Preferred Stock 187,300
Paid-in Capital in Excess of Par Common Stock 306,900
Retained Earnings 798,400

There were no dividends in arrears on preferred stock. During 2012, the company had the following transactions and events.

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July 1 Declared a $0.7 cash dividend on common stock.
Aug. 1 Discovered $27,400 understatement of 2011 depreciation on equipment. Ignore income taxes.
Sept. 1 Paid the cash dividend declared on July 1.
Dec. 1 Declared a 14% stock dividend on common stock when the market value of the stock was $19 per share.
15 Declared a 6% cash dividend on preferred stock payable January 15, 2013.
31 Determined that net income for the year was $392,700.
31 Recognized a $218,500 restriction of retained earnings for plant expansion.
(a)

Journalize the transactions, events, and closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit
July 1
Aug. 1
Sept. 1
Dec. 1
Dec. 15
Dec. 31
(To close net income)
(To close cash dividends)
(To close stock dividends)
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