Exercise 10-12 (Algo) Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Taking Flight Corporation designs and produces a line of golf equipment and golf apparel. Taking Flight has 100,000 shares of common stock outstanding as of the beginning of 2024. Taking Flight has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 July 1 Issues 49,000 additional shares of $1 par value common stock for $46 per share. Purchases 4,400 shares of treasury stock for $49 per share. Declares a cash dividend of $1.20 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1.1 October 21 Resells 2,200 shares of treasury stock purchased on May 10 for $54 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the issuance of 49,000 additional shares of $1 par value common stock Journal entry worksheet 1 2 3 4 5 Record the issuance of 49,000 additional shares of $1 par value common stock for $46 per share. Note: Enter debits before credits. Date March 01, 2024 General Journal Debit Credit ces Journal entry worksheet < 2 3 4 5 Record the purchase of 4,400 shares of treasury stock for $49 per share. Note: Enter debits before credits. Date May 10, 2024 General Journal Debit Credit Record entry Clear entry View general journal ces Ac raw Journal entry worksheet < 1 2 3 4 5 Record the declaration of a cash dividend of $1.20 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Date June 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 k t Record payment of the cash dividend declared on June 1. int rences Mc Graw Note: Enter debits before credits. Date July 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the resale of 2,200 shares of treasury stock purchased on May 10 for $54 per share. Note: Enter debits before credits: Date October 21, 2024 General Journal Debit Credit Record entry Clear entry View general journal