Current Attempt in Progress
The stockholders' equity accounts of Martinez Corp. on January 1, 2025, were as follows.
Preferred Stock (7%, $100 par noncumulative, 10,500 shares authorized) $630,000
Common Stock ($4 stated value, 630,000 shares authorized) 2,100,000
Paid-in Capital in Excess of Par-Preferred Stock 31,500
Paid-in Capital in Excess of Stated Value-Common Stock 1,008,000
Retained Earnings 1,444,800
Treasury Stock (10,500 common shares) 84,000
During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.
1 Issued 10,500 shares of common stock for $63,000.
20 Purchased 2,100 additional shares of common treasury stock at $7 per share.
1 Declared a 7% cash dividend on preferred stock, payable November 1.
1 Paid the dividend declared on October 1.
1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2025.
31 Determined that net income for the year was $590,000. Paid the dividend declared on December 1.
