A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. The company has the following transactions affecting stockholders' equity in Year 1. What goes in place of retained earnings?

Chapter 10 - Homework A Saved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 7 A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. The company has the following transactions affecting stockholders' equity in Year 1. 0.36 points May March 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share. 10 Purchases 5,800 shares of treasury stock for $63 per share. June 1 Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1 October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 per share. Required: 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.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 March 01 Cash 3,780,000 63.000 Common Stock Additional Paid-in Capital 3,717,000 2 May 10 365,400 Treasury Stock Cash 365,400 Chapter 10 - Homework A Saved H Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi 7 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.) Answer is complete but not entirely correct. 0.36 points No Date General Journal Debit Credit 1 March 01 3,780,000 Cash Common Stock Additional Paid-in Capital 63,000 3,717,000 2 May 10 Treasury Stock 365,400 Cash 365,400 3 June 01 X 298,680 Retained Earnings Dividends Payable 298,680 4 July 01 Dividends Payable 298,680 Cash 298,680 5 October 21 197,200 Cash Treasury Stock Additional Paid-in Capital OneDr 182,700 14,500