P 13 - 3A P 13 - 3B 3A ----The stockholders' equity accounts of Neer CorporationonJan. 1, 2010 were as follow: Preferred stock (8%, $50 par, cumulative, 10,000sharesauthorized) $400,000 Common Stock ($1 stated value, 2,000,000sharesauthorized) 1,000,000 Paid in capital in excess of par value -preferredstock 100,000 Paid in capital in excess of stated value -commonstock 1,450,000 Retainedearnings 1,816,000 treasury stock - common(10,000shares) 50,000 During 2010, the corporation had the ff transactions andeventspetaining to itsl stockholders' equity Feb 1. Issued 25,000 shares of common stock for$120,000 Apr 14 Sold 6,000 shares of treasury stock - commonfor$33,000 Sept 3 Issued 5,000 shares of common stock for a patentvaluedat $35,000 Nov. 10 Purchased 1,000 shares of common stock for thetreasuryat a cost of $6,000 Dec 31 Determined that net income for the yearwas$452,000 No dividend were declared during the year a. journalize the transactions and the closing entry fornetincome b. Enter the beginning balances in the accounts, and postthejournal entries to the stockholders equity accounts (use J5 fortheposting reference) c. Prepare a stockholders' equity section at Dec. 31,2010including the disclosure of the preferred dividendsinarrears.

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P 13 - 3A P 13 - 3B  3A ----The stockholders' equity accounts of Neer CorporationonJan. 1, 2010 were as follow: Preferred stock (8%, $50 par, cumulative, 10,000sharesauthorized) $400,000 Common Stock ($1 stated value, 2,000,000sharesauthorized) 1,000,000 Paid in capital in excess of par value -preferredstock 100,000 Paid in capital in excess of stated value -commonstock 1,450,000 Retainedearnings 1,816,000 treasury stock - common(10,000shares) 50,000 During 2010, the corporation had the ff transactions andeventspetaining to itsl stockholders' equity Feb 1. Issued 25,000 shares of common stock for$120,000 Apr 14 Sold 6,000 shares of treasury stock - commonfor$33,000 Sept 3 Issued 5,000 shares of common stock for a patentvaluedat $35,000 Nov. 10 Purchased 1,000 shares of common stock for thetreasuryat a cost of $6,000 Dec 31 Determined that net income for the yearwas$452,000 No dividend were declared during the year a. journalize the transactions and the closing entry fornetincome b. Enter the beginning balances in the accounts, and postthejournal entries to the stockholders equity accounts (use J5 fortheposting reference) c. Prepare a stockholders' equity section at Dec. 31,2010including the disclosure of the preferred dividendsinarrears.

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