Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [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: 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 Purchase 10,000 shares of its own common stock for $45 per share. Resell 5,000 shares of treasury stock for $50 per share. December 1 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. Journal entry worksheet 1 2 3 4 5 6 7 Record the issuance of 100,000 shares of common stock for $55 per share. Note: Enter debits before credits. Date January 02, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 7 Record the issuance of 45,000 shares of preferred stock for $11 per share. Note: Enter debits before credits. Date February 14, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 4 5 6 Record the purchase of 10,000 shares of its own common stock for $45 per share. Note: Enter debits before credits. Date May 08, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 1 2 3 5 6 7 Record the resale of 5,000 shares of treasury stock for $50 per share. Note: Enter debits before credits. Date May 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 1 2 3 4 6 7 Record the declaration of 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. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Date December 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry on December 15, the date of record. Note: Enter debits before credits. Date December 15, 2024 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits. Date December 30, 2024 General Journal Debit Credit Record entry Clear entry View general journal