National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2024, National League's first year of operations: February 2 Issue 1.5 million shares of common stock for $35 per share. February 4 Issue 600,000 shares of preferred stock for $23 per share. June 15 August 15 November 1 Purchase 150,000 shares of its own common stock for $30 per share. Resell 112,500 shares of treasury stock for $45 per share. Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. es Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the issuance of 1.5 million shares of common stock for $35 per share.

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
icon
Related questions
Question
None
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The
following transactions affect stockholders' equity during 2024, National League's first year of operations:
February 2 Issue 1.5 million shares of common stock for $35 per share.
February 4 Issue 600,000 shares of preferred stock for $23 per share.
June 15
August 15
November 1
Purchase 150,000 shares of its own common stock for $30 per share.
Resell 112,500 shares of treasury stock for $45 per share.
Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par
value) cash dividend on its preferred stock payable to all stockholders of record on November
15. (Hint: Dividends are not paid on treasury stock.)
November 30 Pay the dividends declared on November 1.
es
Required:
1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first
account field.)
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6
Record the issuance of 1.5 million shares of common stock for $35 per share.
Transcribed Image Text:National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2024, National League's first year of operations: February 2 Issue 1.5 million shares of common stock for $35 per share. February 4 Issue 600,000 shares of preferred stock for $23 per share. June 15 August 15 November 1 Purchase 150,000 shares of its own common stock for $30 per share. Resell 112,500 shares of treasury stock for $45 per share. Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. es Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the issuance of 1.5 million shares of common stock for $35 per share.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning