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! Required information [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized: 5%, $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 1.4 million shares of common stock for $21 per share. February 4 Issue 460,000 shares of preferred stock for $24 per share. June 15 August 15 November 1 Purchase 140,000 shares of its own common stock for $16 per share. Resell 105,000 shares of treasury stock for $31 per share. Declare a cash dividend on its common stock of $1.40 per share and a $460,000 (5% 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,760,000. (Amounts to be deducted should be indicated by a minus sign.) National League Gear Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Total Paid-in Capital 0 Total Stockholders' Equity $ 0

! Required information [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized: 5%, $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 1.4 million shares of common stock for $21 per share. February 4 Issue 460,000 shares of preferred stock for $24 per share. June 15 August 15 November 1 Purchase 140,000 shares of its own common stock for $16 per share. Resell 105,000 shares of treasury stock for $31 per share. Declare a cash dividend on its common stock of $1.40 per share and a $460,000 (5% 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,760,000. (Amounts to be deducted should be indicated by a minus sign.) National League Gear Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Total Paid-in Capital 0 Total Stockholders' Equity $ 0

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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! Required information [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized: 5%, $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 1.4 million shares of common stock for $21 per share. February 4 Issue 460,000 shares of preferred stock for $24 per share. June 15 August 15 November 1 Purchase 140,000 shares of its own common stock for $16 per share. Resell 105,000 shares of treasury stock for $31 per share. Declare a cash dividend on its common stock of $1.40 per share and a $460,000 (5% 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,760,000. (Amounts to be deducted should be indicated by a minus sign.) National League Gear Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Total Paid-in Capital 0 Total Stockholders' Equity $ 0
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized: 5%, $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 1.4 million shares of common stock for $21 per share. February 4 Issue 460,000 shares of preferred stock for $24 per share. June 15 August 15 November 1 Purchase 140,000 shares of its own common stock for $16 per share. Resell 105,000 shares of treasury stock for $31 per share. Declare a cash dividend on its common stock of $1.40 per share and a $460,000 (5% 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,760,000. (Amounts to be deducted should be indicated by a minus sign.) National League Gear Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Total Paid-in Capital 0 Total Stockholders' Equity $ 0
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