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Question 1 The stockholders' equity accounts of Flint Corporation on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 9,000 shares authorized) Common Stock ($4 stated value, 540,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (9,000 common shares) $540,000 1,800,000 27,000 864,000 1,238,400 72,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Issued 9,000 shares of common stock for $54,000. Purchased 1,800 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Determined that net income for the year was $505,000. Paid the dividend declared on December 1. 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 o for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 54000 Common Stock 36000 Paid-in Capital in Excess of Par Value-Common St 18000 Mar. 20 Treasury Stock 12600 Cash 4200 Oct. 1 Cash Dividends 37800 Dividends Payable 37800 Nov. 1 Dividends Payable 37800 Cash 37800 Dec. 1 Cash Dividends 224100 Dividends Payable 224100 Dec. 31 Income Summary 505000 505000 Retained Earnings (To record net income) Dec. 31 Retained Earnings 261900 261900 Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 224100 Cash 224100 Preferred Stock 1/1 Bal. 540000 Common Stock 1/1 Bal. 2/1 V Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal. Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 2/1 Retained Earnings 12/31 1/1 Bal.

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