Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below)Golf Apparel has two classes of stock authorized 4%, $10 par preferred, and $1 par value common. The followingtransactions affect stockholders equity during 2024, its first year of operationsJanuary 2 Issue 120,000 shares of common stock foe 365 per share.Issue 55,000 shares of preferred stock for $13 per shace.February 14Hay BMay 31Purchase 12,000 shares of its own common stock for $55 per here.Resell 6,000 shares of treasury stock for $60 per share.December 1 Declare a cash dividend on its common stock of $0.75 per shace and a $22,000 (4% of par value) cashdividend on its preferred stock payable to all stockholders of record on December 15. The dividend ispayable on December 30. (Hint: Dividends are not paid on treasury stock.)December 30 Pay the cash dividends declared on December 1.2. Prepare the stockholders equity section of the balance sheet as of December 31, 2024. Net income for the year was $485.000(Amounts to be deducted should be indicated by a minus sign.)GOLF APPARELBalance Sheet(Stockholders' Equity Section)December 31, 2024Stockholders' Equity:Total Paid-in CapitalTotal Stockholders' Equity

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Description: Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below)Golf Apparel has two classes of stock authorized 4%, $10 par preferred, and $1 par value common. The followingt

The dividend will be paid on the Outstanding Number of Shares and does not include treasury stock.

Answered: 2. Prepare the stockholders' equity…

Business

Accounting

2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $485.000 (Amounts to be deducted should be indicated by a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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