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Help please! Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,200 shares of no-par common stock for
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Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,200 shares of no-par common stock for $14 per share. May 15 Issues 500 shares of $10 par value, 8.5% preferred stock for $11 per share. October 1 Declares a cash dividend of $0.85 per share to all stockholders of record (both common and prefered) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. 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.) Journal entry worksheet Record the issuance of 5,200 shares of no-par common stock for $14 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 500 shares of $10 par value, preferred stock for $11 per share. Note: Enter debits before credits. Journal entry worksheetStep by Step Solution
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