Business, 03.05.2020 12:58 andreimru123123

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Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations:

January 2 Issue 120,000 shares of common stock for $59 per share.
February 14 Issue 49,000 shares of preferred stock for $13 per share.
May 8 Purchase 12,000 shares of its own common stock for $49 per share.
May 31 Resell 6,000 shares of treasury stock for $54 per share.
December 1 Declare a cash dividend on its common stock of $0.55 per share and a $19,600 (4% of par value) 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.)
December 30 Pay the cash dividends declared on December 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.)

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