During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 100 shares of the company's common stock at $27 cash per share. b. July 15: Sold 60 of the shares purchased on February 1 for $28 cash per share. c. September 1: Sold 30 of the shares purchased on February 1 for $26 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date 1 February 01 Treasury stock Cash General Journal Debit Credit 6,200 ........ 6,200 The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $12 par value, 50,000 shares outstanding Preferred stock, 10 percent, $10 par value, 5,000 shares outstanding Retained earnings, $216,000 On September 1 of the current year, the board of directors was considering the distribution of an $85,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Preferred stock Common stock Noncumulative: Total Per share Cumulative: Total Per share United Resources Company obtained a charter from the state in January of this year. The charter authorized 209,000 shares of common stock with a par value of $3. During the year, the company earned $485,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 90,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 27,000 shares of the previously issued shares for $20 per share and is holding them as treasury stock. c. Resold 4,000 shares of treasury stock for $23 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity