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Need help with May 31 Journal entry and Additional Paid-in Capital amount as well as the treasury stock amount Problem 10-6A (Algo) Record equity transections
Need help with May 31 Journal entry and Additional Paid-in Capital amount as well as the treasury stock amount
Problem 10-6A (Algo) Record equity transections and prepore the stockholders' equlty section (Lo10-2. 103,104,105,107) [The focowing information spoles to the questons aispioyed beliows Lmee League Apporel has two claspes or stock oumorzed. 5sw sto par preferred, and s1 por volue eotrmon the foliowing wansoctions affect stockholders equity during 2024, ns first year of operations may in meiell 5 , oee sheres of treasury beck for sss bes shate perabie on becesber 3t. (idint. otvidends are not paid on trabsury stock.) pecember 2e fay the cash dividends declareo on pecmber 1 . Problem 10.6A (Algo) Part 1 Required: 1. Record each of these vansactions. (if no entry is requlred for a transection/event, select "No Journol Entry Required" In the first occount field.] ReQulred informbtion Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2. 103,104,105,107) (The folsiving intormatoon apphes to the questons displayed betow) Litie League Apparel has two classes of stock aumorized 5 i. 510 par preferred, and $1 par value commont The followeng transactions affect stockholde's equity during 2024, its first year of operations: Febranti 14 issue 50,000 shares of preferthed stock for 511 ote share. nay of Parchise 10,000 shares of its onh comon stock for sse per there. Hay 31 Pesel1 5,099 shaces of treasury stock for 355 per share. Decenter i beclare a cast divloend on its camon stock of 30.50 per share and a 325 , ave (sk of par value) cash divioent on its preferred stock payable to $11 stocktolders of record on Decencer 15. The divisend is payable on Decerber 39. (Mint: Dividends ore not osid on treasury stock,) Decertert 30 pay the cosh afvidenos deciared on Decenber 1. Problem 10-6A (Algo) Part 2 2. Phepare the stocidpoiders equity section of the balance shect as of December 31,2024. Net income for the year was $480,000 (Amounts to be deducted should be indicated by o minus sign.) Step by Step Solution
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