Exercise 10-9B Record common stock, treasury stock, and cash dividends (LC A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. The company has the following transactions affecting stockholders' equity in Year 1. March May June July 1 Issues 56,000 additional shares of $1 par value common stock for $53 per share. 10 Purchases 5,100 shares of treasury stock for $56 per share. 1 Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are I not paid on treasury stock.) 1 Pays the cash dividend declared on June 1. October 21 Resells 2,550 shares of treasury stock purchased on May 10 for $61 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.) Answer is complete but not entirely correct. No 1 Date March 01 General Journal Cash Common Stock Additional Paid-in Capital 2 May 10 Treasury Stock Cash Debit Credit 2,968,000 56,000 2,912,000 ( 285,600 285,600 3 June 011 Retained Earnings Dividends Payable 1 * 78,895 78,895 4 July 01 Dividends Payable 0 78,895 Cash 78,895 5 October 21 Cash Treasury Stock Additional Paid-in Capital 155,550 142,800 12,750