[The following information applies to the questions displayed below.] 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 2021, National League's first year of operations: February 2 Issue 1.1 million shares of common stock for $26 per share. February 4 Issue 510,000 shares of preferred stock for $23 per share. June 15 Purchase 110,000 shares of its own common stock for $21 per share.. August 15 Resell 82,500 shares of treasury stock for $36 per share. November 1 Declare a cash dividend on its common stock of $1.10 per share and a $408,000 (48 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. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
[The following information applies to the questions displayed below.] 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 2021, National League's first year of operations: February 2 Issue 1.1 million shares of common stock for $26 per share. February 4 Issue 510,000 shares of preferred stock for $23 per share. June 15 Purchase 110,000 shares of its own common stock for $21 per share.. August 15 Resell 82,500 shares of treasury stock for $36 per share. November 1 Declare a cash dividend on its common stock of $1.10 per share and a $408,000 (48 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. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i just need help with finding the numbers for transactions 5 & 7. thank you so much in advance <3
Please do not give handwritten answer
![[The following information applies to the questions displayed below.]
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 2021, National League's first year of operations:
February 2 Issue 1.1 million shares of common stock for $26 per share.
February 4 Issue 510,000 shares of preferred stock for $23 per share.
June 15 Purchase 110,000 shares of its own common stock for $21 per share.
August 15 Resell 82,500 shares of treasury stock for $36 per share.
November 1 Declare a cash dividend on its common stock of $1.10 per share and a $408,000 (48 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.
Required:
1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5bbf07a-5431-4277-a1e5-f5c77f8a0c44%2F9f0983bf-d044-4aa2-8a8d-592b22fe3e16%2Fic7fmjs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
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 2021, National League's first year of operations:
February 2 Issue 1.1 million shares of common stock for $26 per share.
February 4 Issue 510,000 shares of preferred stock for $23 per share.
June 15 Purchase 110,000 shares of its own common stock for $21 per share.
August 15 Resell 82,500 shares of treasury stock for $36 per share.
November 1 Declare a cash dividend on its common stock of $1.10 per share and a $408,000 (48 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.
Required:
1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
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