Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3,...
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Required information 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.] Little League 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 $66 per share. February 14 Issue 56,000 shares of preferred stock for $11 per share. May 8 May 31 Purchase 10,000 shares of its own common stock for $56 per share. Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $28,000 (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 1.1 Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024, Net income for the year was $486,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: 000 000 00 Total Paid-in Capital 0 00 Total Stockholders' Equity 0 Red text inecates no response was expected in a sell or a formula-based calculation incorect; no points deducted. Required information 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.] Little League 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 $66 per share. February 14 Issue 56,000 shares of preferred stock for $11 per share. May 8 May 31 Purchase 10,000 shares of its own common stock for $56 per share. Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $28,000 (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 1.1 Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024, Net income for the year was $486,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: 000 000 00 Total Paid-in Capital 0 00 Total Stockholders' Equity 0 Red text inecates no response was expected in a sell or a formula-based calculation incorect; no points deducted.
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