Please answer the following

10) The Magic Flute Company provides the following information from the Stockholders' Equity section of the balance sheet: Magic Flute had the following transactions related to treasury shares: January 1 Acquired 30,000 shares of its common stock in the open market for $12 per share March 1 Sold 5,000 shares for $16 April 1 Sold 5,000 shares for $6 May I Retired 5,000 treasury shares Prepare the necessary journal entries to record all treasury stock transactions. Answer: 11) Purffect Paws Company issues 1,000 shares of $50 par preferred stock for $250,000. The company is not required to buy back the preferred stock. However, the preferred stock includes a redemption feature that gives the holder the option to redeem the shares for cash at specified dates. This would be classified as A) debt; equity under U.S. GAAP and B) debt; debt C) equity; debt D) equity; equity 12) Stinson Corporation has 7% participating preferred shures. In 2015 the company pays common shareholders dividends that are 9% of common par value. What, if any, additional dividend will preferred shareholders receive? A) 2% B) 9% C) 100% D) none 13) Bach, Inc. issued 800 shares of 8%,$80 par value, preferred stock for $80,000. The board of directors declared dividends on December 30 , to be paid in January. What journal entry is necessary to record the payment of dividends