Question
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 430 shares
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 430 shares of preferred stock and 5,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 May 15 July 10 October 15 Issue 2,400 shares of common stock for $55 per share. Repurchase 530 shares of treasury stock for $48 per share. Resell 330 shares of treasury stock purchased on May 15 for $53 per share. Issue 330 shares of preferred stock for $58 per share. December 1 Declare a cash dividend on both common and preferred stock of $1.80 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. View transaction list View journal entry worksheet General Journal No 1 Date March 01, 2024 Cash Common Stock Additional Paid-in Capital 2 May 15, 2024 Treasury Stock Cash i 3 July 10, 2024 Cash Treasury Stock Additional Paid-in Capital October 15, 2024 Cash Preferred Stock Additional Paid-in Capital December 01, 5 2024 Interest Payable Dividends Payable Debit Credit 132,000 24 137,976 25,440 25,440 17,490 15,840 1,650 19,140 330 18,810 10,314 10,314
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