No 2 3 Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) 4 5 6 Required Information [The following Information applies to the questions displayed below.]

Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024. Its first year of operations: 7 January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May 8 May 31 December 1 Purchase 10,000 shares of its own common stock for $45 per share. Resell 5,000 shares of treasury stock for $50 per share. Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (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. Date January 02, 2024 Cash February 14, 2024 Cash May 08, 2024 May 31, 2024 Common Stock Additional Paid-In Capital Treasury Stock Preferred Stock Additional Paid-In Capital Cash General Journal December 01, 202 Dividends Answer is not complete. Treasury Stock Additional Paid-In Capital Dividends Payable Additional Paid-In Capital December 15, 202 No Journal Entry Required December 30, 202 Dividends Payable Debit 5,500,000 495,000 450,000 250,000 Credit 100,000 5,400,000 450,000 45,000 225,000 25,000

Required information [The following information opplies to the questions displayed below] Golf Apparel has two classes of stock authortzed: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100 , eed shares of common stock for $55 per share. February 14 1ssue 45 , ee shares of preferred stock for $11 per share. May 8 Purchase 1e, eee shares of 1 ts own common stock for 445 per share. May 31 Resell 5,00e shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its comnon stock of 50,75 per share and a 522,5ee (5x of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15 . The dividend is payable on Decenber 3a. (trint; Dividends are not paid on treasury stock.) Decenber ae pay the cash dividends declared on beceeber 1. Requlred: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firsi eccount fleid.) Required Information [The following information applles to the questions displayed below] Golf Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 1ea, eae shares of common stock for 555 per thare. February 14 Issue 45 , eee shares of preferred stock for $11 per share. May 8 Perchase 18, e0e shares of its own common stock for 545 per share. May 31 liesed1 5 , 000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of 50.75 per share and a $22,5ea (58 of par value) cash dividend on its preferred stock payable to al1 stockholders of recond on Decenber is, The dividend is payable on Decenber 3e. (Hint; Dividends are not paid on treasury stock.) Decerber 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $475,000. Amounts to be deducted should be Indicated by a minus sign.)