National League Gear has two classes of stock authorized: 4 % , $ 2 0 par preferred,
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Question:
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National League Gear has two classes of stock authorized: $ par preferred, and $ par value common. The following transactions affect stockholders' equity during National League's first year of operations:
February Issue million shares of common stock for $ per share.
February Issue shares of preferred stock for $ per share.
June Purchase shares of its own common stock for $ per share.
August Resell shares of treasury stock for $ per share.
November Declare a cash dividend on its common stock of $ per share and a $ of par value cash dividend on its preferred stock payable to all stockholders of record on November Hint: Dividends are not paid on treasury stock.
November Pay the dividends declared on November
Required:
Record each of these transactions. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Record the issuance of million shares of common stock for $ per share.
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