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National League Gear has two classes of stock authorized: 5%, $20 par preferred, and $5 par value common. The following transactions affect stockholders equity during
National League Gear has two classes of stock authorized: 5%, $20 par preferred, and $5 par value common. The following transactions affect stockholders equity during 2021, National Leagues first year of operations: THESE ARE ALL PARTS TO ONE QUESTION. The second part is showing what I got wrong. Please include the journal entries as well. Thank you
Required information (The following information applies to the questions displayed below.) National League Gear has two classes of stock authorized: 5%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.3 million shares of common stock for $33 per share. February 4 Issue 580,000 shares of preferred stock for $24 per share. June 15 Purchase 130,000 shares of its own common stock for $28 per share. August 15 Resell 97,500 shares of treasury stock for $43 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $580,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Require the first account field.) View transaction list View journal entry worksheet 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,880,000 (Amounts to be deducted should be indicated by a minus sign.) NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Total paid-in capital Total stockholders' equity $ 0 Answer is not complete. No Credit Debit 42,900,000 1 Date General Journal February 02, 2021 Cash Common Stock Additional Paid In Capital 6.500.000 36,400,000 2 13,920,000 0 February 04,2021 Cash Preferred Stock Additional Paid In Capital 11,600,000 2,320,000 3 June 15, 2021 3,640,000 > Treasury Stock Cash 3,640,000 4 4,192,500 August 15, 2021 Cash Treasury Stock Additional Paid-In Capital polo 2.730,000 1,462,500 5 > 2,227,750 November 01, 202 Dividends Common Stock 1,647,750 Required information Cash 3.640,000 4 August 15, 2021 4,192 500 Cash Treasury Stock Additional Paid-in Capital OO 2.730,000 1,462,500 5 2 227 750 November 01, 202 Dividends Common Stock Preferred Stock 1.647,750 580,000 6 November 15,202 No Journal Entry Required 7 November 30, 202 Common Stock Preferred Stock Cash 1,647,750 580,000 2.227,750
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