Part 2 of 2 Required information The following information applies to the questions displayed below) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity Does January 1 Issues shares of stock for 538 per share April 1 Issues 10 aditional shares of stock for $2 per share 80 2. Record the transactions, assuming Clothing Frontiers has either 51 par value of St stated value common stock if no entry is required for a particular transaction levent, select "No Journal Entry Required in the first account field.) Answer is complete but not entirely correct. General Journal Cat I Common Stock January 01 April 01 Cash Common Stock Preferred Stock OOO Required information The following information applies to the questions displayed below) Part 2 California Surf Clothing Company issues 1000 shares of $1 par value common stock at $19 per share. Later in the year, the company decides to Purchase 100 shares at a cost of $22 per share. 3 45400 Record the transaction if California Surf resells the 100 shares of treasury stock at $24 per share. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Answer is not complete No Transaction General Journal Debit Credit Treasury Stock Tine Following informadon appies to the questions or played below Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021. Its first year of operations January 2 Issue 110,000 shares of common stock for $51 per share. February 14 Issue 41.000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for 541 per share May 31 Resell 5,500 shares of treasury stock for $46 per share. December 1 Declare a cash dividend on its common stock of se. 3e per share and a $24,600 (6% 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $471,000 (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity Preferred Stock 410 000 Common Stock 104 500 Additional Paid in Capital 659 500 Total Paid in Capital Retained Earnings Treasury Stock 1174000 41050 225 500 N Total Stockholders' Equy 1140 550 Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its S1 par value common stock at $18 per share. Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Dots 84200 Answer is not complete. No Credit General Journal Transaction Debit 18,000 Cash Common stock 18,000 Additional paid in capital