- 5 Points Ebook Print References Required Information The Following Information Applies To The Questions Displayed Below 1 (38.91 KiB) Viewed 10 times
- 5 Points Ebook Print References Required Information The Following Information Applies To The Questions Displayed Below 2 (38.91 KiB) Viewed 10 times
Skip to question
[The following information applies to the questions displayed below.]
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations:
January 2 Issue 100,000 shares of common stock for $52 per share.
February 14 Issue 42,000 shares of preferred stock for $11 per share.
May 8 Purchase 10,000 shares of its own common stock for $42 per share.
May 31 Resell 5,000 shares of treasury stock for $47 per share.
December 1 Declare a cash dividend on its common stock of $0.35 per share and a $21,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Required:
1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.)
5 points eBook Print References Required information [The following information applies to the questions displayed below] Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 100,000 shares of connon stock for $52 per share. February 14 Issue 42,000 shares of preferred stock for $11 per share. 31 8 Purchase 10,000 shares of its own common stock for $42 per share. Resell 5,000 shares of treasury stock for $47 per share. December 1 Declare a cash dividend on its common stock of 50.35 per share and a $21,000 (58 of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) May May December 30 Pay the cash dividenda declared on December 1. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list No 1 View journal entry worksheet Date January 02, 2021 Cash Common Stock Additional Paid-in Capital General Journal Debit 100,000 5,100,000 Credit 5,200,000