ignment i

Required information

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Little League Apparel has two classes of stock authorized: $5\%,$$$10$ par preferred, and $$1$ par value common. The following transactions affect stockholders' equity during $2024,$ its first year of operations:

January $2$ Issue $100,000$ shares of common stock for $$66$ per share.

February $14$ Issue $56,000$ shares of preferred stock for $$11$ per share.

May $8,$ Purchase $10,000$ shares of its own common stock for $$56$ per share.

May $31$ Resell $5,000$ shares of treasury stock for $$61$ per share.

December $1$ Declare a cash dividend on its common stock of $$0\mathrm{.}45$ per share and a $$28,000(5\%$ of par value$)$ cash dividend on its preferred stock payable to all stockholders of record on December $15.$ The dividend is payable on December $30.($Hint: Dividends are not paid on treasury stock.$)$

December $30$ Pay the cash dividends declared on December $1.$

Required:

Record each of these transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

$1$

$2$

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$5$

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$7$

Record the issuance of $100,000$ shares of common stock for $$66$ per share.