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Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 500 shares
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 500 shares of preferred stock and 6,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 May 15 July 10 October 15 December 1 Issue 3,100 shares of common stock for $62 per share. Repurchase 600 shares of treasury stock for $55 per share. Resell 400 shares of treasury stock purchased on May 15 for $60 per share. Issue 400 shares of preferred stock for $65 per share. Declare a cash dividend on both common and preferred stock of $2.50 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Required: Record each of these transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. General Journal No Date 1 March 01, 2024 Cash Common Stock Additional Paid-in Capital 2 May 15, 2024 Treasury Stock Cash Debit 192,200 Cr 31 33,000 18 19 33 33 3 July 10, 2024 Cash 24,000 Treasury Stock 24 Additional Paid-in Capital 2,400 4 October 15, 2024 Cash Preferred Stock Additional Paid-in Capital 5 December 01, 202 Dividends Dividends Payable 6 December 15, 202 No Journal Entry Required 7 December 31, 202 Dividends Payable Cash 26,000 8,750 E 8,750
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