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Just need help with the numbers. Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10- 4, 10-5, 10-7)
Just need help with the numbers.
Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10- 4, 10-5, 10-7) [The following information applies to the questions displayed below.] Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 100,000 shares of common stock for $63 per share. February 14 Issue 53,000 shares of preferred stock for $11 per share.. May 8 Purchase 10,000 shares of its own common stock for $53 per share.. 31 Resell 5,000 shares of treasury stock for $58 per share. May December 1 Declare a cash dividend on its common stock of $0.65 per share and a $26,500 (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. Journal entry worksheet Step by Step Solution
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