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Diane's Designs has two classes of stock authorized: 8%, $10 par preferred and $1 par value common. The following transactions affect stockholders' equity during
Diane's Designs has two classes of stock authorized: 8%, $10 par preferred and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations: January 1 Issue 200,000 shares of common stock for $15 per share. February 6 Issue 1,000 shares of preferred stock for $11 per share. October 10 Repurchase 10,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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