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Problem 1 0 - 6 A alternative Major League Apparel has two classes of stock authorized: 5 % , $ 1 0 par preferred, and

Problem 10-6A alternative
Major League Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations:
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 Purchase 10,000 shares of its own common stock for $45 per share.
May 31 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
December 1 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.
Required:
Record each of these transactions.
Prepare the stockholders' equity section of the balance sheet as of December 31,2021. Net income for the year was $475,000.
Prepare a Statement of Stockholder's Equity.
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