(Solution) - Manti Company had the following account balances on its balance -(2025 Original AI-Free Solution)

Paper Details

Manti Company had the following account balances on its balance sheet at December 31, 2011, the end of its first year of operations. All stock was issued on a subscription basis.
Common stock subscriptions receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000
Common stock, $1 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Common stock subscribed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Paid-in capital in excess of par?common . . . . . . . . . . . . . . . . . . . . . . . . . . 348,000
8% preferred stock, $100 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Paid-in capital in excess of par?8% preferred . . . . . . . . . . . . . . . . . . . . . . . . 60,000
10% preferred stock, $50 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
The reported net income for 2011 was $55,000. Assume that revenues and expenses were closed to a temporary account, Income Summary. Use this account to complete the closing process.

Instructions:
From the data given, reconstruct in summary form the journal entries to record all transactions involving the company?s stockholders. Indicate the amount of dividends distributed on each class of stock.