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5)(18 point) Sweet Sixteen has two classes of stock authorized: $100 par value preferred and $1 par value common. As of the beginning of 2018,
5)(18 point) Sweet Sixteen has two classes of stock authorized: $100 par value preferred and $1 par value common. As of the beginning of 2018, 1,000 shares of preferred stock have been issued and 20,000 shares of common stock have been issued. The following transactions affect stockholders equity during 2018 March 1 ssue 3,000 additional shares of common stock for $22 per share April 1 Issue 5,000 additional shares of preferred stock for $110 per share June 1 Declare a cash dividend on common stock $1 per share and a cash dividend of all stockholders of record on on preferred stock of $5 per share to June 15 June 30 Pay the cash dividends declared on June 1 August 1 Purchase 2,000 shares of common treasury stock for $18 per share October 1 1,000 shares of treasury stock purchased on August 1 for $20 p share. Required: 1. Record each of these transactions. (9 point)
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