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 comnon stock for $58 per share. February 14 Issue 48,000 shares of preferred stock for $11 per share. May May December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (5 of par value) 8 Purchase 10,000 shares of its owm common stoek for $48 per share. 31 Resell 5,000 shares of treasury stock for $53 per share. 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.) Decenber 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 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.)

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 comnon stock for $58 per share. February 14 Issue 48,000 shares of preferred stock for $11 per share. May May December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (5 of par value) 8 Purchase 10,000 shares of its owm common stoek for $48 per share. 31 Resell 5,000 shares of treasury stock for $53 per share. 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.) Decenber 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 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.)

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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