Ch 14 LTHIE IUIUNITY III TALUI applies to Le quesis uisplay cu velu.] 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: Par 2012 Part 2 of 2 1 points January 2 Issue 120,000 shares of common stock for $56 per share. February 14 Issue 46,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $46 per share. May 31 Resell 6,000 shares of treasury stock for $51 per share. December 1 Declare cash dividend on its common stock of $0.70 per share and a $18,400 (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. eBook 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $476,000. (Amounts to be deducted should be indicated by a minus sign.) Print MAJOR LEAGUE APPAREL References Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity Mc Ch 14 LTHIE IUIUNITY III TALUI applies to Le quesis uisplay cu velu.] 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: Par 2012 Part 2 of 2 1 points January 2 Issue 120,000 shares of common stock for $56 per share. February 14 Issue 46,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $46 per share. May 31 Resell 6,000 shares of treasury stock for $51 per share. December 1 Declare cash dividend on its common stock of $0.70 per share and a $18,400 (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. eBook 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $476,000. (Amounts to be deducted should be indicated by a minus sign.) Print MAJOR LEAGUE APPAREL References Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity Mc
