The stockholders' equity accounts of Novak Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par. 10,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 $ 442,000 1,350,000 115,000 No dividends were declared during the year. 1,400,000 1,750,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. 52,500 Issued 26,000 shares of common stock for $122,000 Sold 5,700 shares of treasury stock-common for $32,700. Issued 5,100 shares of common stock for a patent valued at $36,000. Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Determined that net income for the year was $485,000.
The stockholders' equity accounts of Novak Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par. 10,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 $ 442,000 1,350,000 115,000 No dividends were declared during the year. 1,400,000 1,750,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. 52,500 Issued 26,000 shares of common stock for $122,000 Sold 5,700 shares of treasury stock-common for $32,700. Issued 5,100 shares of common stock for a patent valued at $36,000. Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Determined that net income for the year was $485,000.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 10PA: Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr)...
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