National League Gear has two classes of stock authorized: 5%,$20 par preferred, and $5 par value common. The followingtransactions affect stockholdersâ equity during 2015, NationalLeagueâs first year of operations: February 2 Issue 1.1 millionshares of common stock for $24 per share. February 4 Issue 490,000shares of preferred stock for $24 per share. June 15 Repurchase110,000 shares of its own common stock for $19 per share. August 15Reissue 82,500 shares of treasury stock for $34 per share. November1 Declare a cash dividend on its common stock of $1.10 per shareand a $490,000 (5% of par value) cash dividend on its preferredstock payable to all stockholders on record on November 15. (Hint:Dividends are not paid on treasury stock.) November 30 Pay thedividends declared on November 1. Issue 1.10 million shares ofcommon stock for $24 per share. Record the transaction. Issue490,000 shares of preferred stock for $24 per share. Record thetransaction. Repurchase 110,000 shares of its own common stock for$19 per share. Record the transaction. Reissue 82,500 shares oftreasury stock for $34 per share. Record the transaction. Declare acash dividend on its common stock of $1.10 per share and a $490,000(5% of par value) cash dividend on its preferred stock payable toall stockholders on record on November 15. (Hint: Dividends are notpaid on treasury stock.) Record the declaration of cash dividends.Declare a cash dividend on its common stock of $1.10 per share anda $490,000 (5% of par value) cash dividend on its preferred stockpayable to all stockholders on record on November 15. (Hint:Dividends are not paid on treasury stock.). Record the entry on thedate of record. Issue 1.10 million shares of common stock for $24per share. Record the transaction. Issue 490,000 shares ofpreferred stock for $24 per share. Record the transaction.Repurchase 110,000 shares of its own common stock for $19 pershare. Record the transaction. Reissue 82,500 shares of treasurystock for $34 per share. Record the transaction. Declare a cashdividend on its common stock of $1.10 per share and a $490,000 (5%of par value) cash dividend on its preferred stock payable to allstockholders on record on November 15. (Hint: Dividends are notpaid on treasury stock.) Record the declaration of cash dividends.Declare a cash dividend on its common stock of $1.10 per share anda $490,000 (5% of par value) cash dividend on its preferred stockpayable to all stockholders on record on November 15. (Hint:Dividends are not paid on treasury stock.). Record the entry on thedate of record. Pay the dividends declared on November 1. Recordthe transaction.
National League Gear has two classes of stock authorized: 5%,$20 par preferred, and $5 par value common. The followingtransactions affect stockholdersâ equity during 2015, NationalLeagueâs first year of operations: February 2 Issue 1.1 millionshares of common stock for $24 per share. February 4 Issue 490,000shares of preferred stock for $24 per share. June 15 Repurchase110,000 shares of its own common stock for $19 per share. August 15Reissue 82,500 shares of treasury stock for $34 per share. November1 Declare a cash dividend on its common stock of $1.10 per shareand a $490,000 (5% of par value) cash dividend on its preferredstock payable to all stockholders on record on November 15. (Hint:Dividends are not paid on treasury stock.) November 30 Pay thedividends declared on November 1. Issue 1.10 million shares ofcommon stock for $24 per share. Record the transaction. Issue490,000 shares of preferred stock for $24 per share. Record thetransaction. Repurchase 110,000 shares of its own common stock for$19 per share. Record the transaction. Reissue 82,500 shares oftreasury stock for $34 per share. Record the transaction. Declare acash dividend on its common stock of $1.10 per share and a $490,000(5% of par value) cash dividend on its preferred stock payable toall stockholders on record on November 15. (Hint: Dividends are notpaid on treasury stock.) Record the declaration of cash dividends.Declare a cash dividend on its common stock of $1.10 per share anda $490,000 (5% of par value) cash dividend on its preferred stockpayable to all stockholders on record on November 15. (Hint:Dividends are not paid on treasury stock.). Record the entry on thedate of record. Issue 1.10 million shares of common stock for $24per share. Record the transaction. Issue 490,000 shares ofpreferred stock for $24 per share. Record the transaction.Repurchase 110,000 shares of its own common stock for $19 pershare. Record the transaction. Reissue 82,500 shares of treasurystock for $34 per share. Record the transaction. Declare a cashdividend on its common stock of $1.10 per share and a $490,000 (5%of par value) cash dividend on its preferred stock payable to allstockholders on record on November 15. (Hint: Dividends are notpaid on treasury stock.) Record the declaration of cash dividends.Declare a cash dividend on its common stock of $1.10 per share anda $490,000 (5% of par value) cash dividend on its preferred stockpayable to all stockholders on record on November 15. (Hint:Dividends are not paid on treasury stock.). Record the entry on thedate of record. Pay the dividends declared on November 1. Recordthe transaction.
Related questions
Diane's Designs has two classes of stock authorized: 8%, $10 parpreferred and $1 par value common. The following transactionsaffect stockholders' equity during 2012, its first year ofoperations:
| January 1 | Issue 200,000shares of common stock for $15 per share. |
| February 6 | Issue 1,000shares of preferred stock for $11 per share. |
| October 10 | Repurchase10,000 shares of its own common stock for $18 per share. |
| November 12 | Reissue 5,000 shares of treasury stock at $20 per share. Record each of these transactions: Date, General Journal, Creditor Debit |
