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Please check my answers I am stuck... Required information Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3,
Please check my answers I am stuck...
Required information Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 470 shares of preferred stock and 5,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,800 shares of common stock for $59 per share. May 15 Purchase 570 shares of treasury stock for $52 per share. July 10 Resell 370 shares of treasury stock purchased on May 15 for $57 per share. October 15 Issue 370 shares of preferred stock foi December 1 Declare a cash dividend on both common and preferred stock of $2.20 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, $470; Common Stock, $57; Additional Paid-in Capital, $84,500; and Retained Earnings, $33,900. Net income for the year ended December 31, 2021, is $14,200. Problem 10-2A Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. Credit No 1 Date March 01, 2021 General Journal Cash Common Stock Additional Paid-in Capital Debit 165,200 28 165,172 May 15, 2021 Treasury Stock Cash 29,640 29,640 July 10, 2021 21,090 Cash Treasury Stock Additional Paid-in Capital 19,240 1,850 4 22,940 October 15, 2021 Cash Preferred Stock Additional Paid-in Capital 370 22,570 5 16,112 X December 01, 202 Retained Earnings Dividends Payable 16,112 X 6 December 15, 202 No Transaction Recorded 7 16,112 December 31, 202 Dividends Payable Cash 16,112Step by Step Solution
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