In-Class Case #11 Chapter 11 Maggie Corporation's charter has authorized the following capital stock: . Common stock, par value $2 per share, 80,000 shares: Preferred stock, 10% $20 par value per share, 15,000 shares. During the first year of Maggie's operations, the following transactions were completed: Jan 1 Jan 1 July 1 Sold and issued 50,000 shares of common stock for cash at $50 per share. Sold and issued 10,000 shares of preferred stock for $100 per share. Bought back 2,000 shares from a common stockholder for cash at $52 per share. Declared a $1.50 dividend per share with a record date of Sept. 15. Will be paid on Dec. 31. Paid the dividend declared on Sept. 1. Sept 1 Dec 31 Required Journalize the above transactions for Maggie Corporation