Required information The following information applies to the questions displayed below) 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 2018, its first year of operations January 2 Issue 100.000 shares of common stock for $69 per share February 14 Issue 59,000 shares of preferred stock for $11 per share. May 8 Repurchase 10,000 shares of its own common stock for $59 per share. May 31 Reissue 5,000 shares of treasury stock for $64 per share December 1 Declare a cash dividend on its common stock of $0 30 per share and a $29.500 (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 Required: 1. Record each of these transactions (if no entry is required for a particular transaction, select "No journal entry required" in the first account field) Answer is not complete. NO Credit Debit 6.900.000 1 Doo General Journal January 02, 2018 Cash Cornnon stock Additional pald-in capital 100.000 February 14, 2018 Cash Preferred stock Additional paid in capital SSD SOS 649.000 590,000 59,000 3 May 08, 2018 Treasury stock 590.000 Prev 14.15 of 17 Next > W Answer is not complete. 2 No 1 Credit Date Guniral Journal January 02, 2018 Cash Common stock Additional paid-in capital Debt 6.900.000 300 100,000 2 549.000 February 14, 2018 Cash Preferred stock Additional pald-in capital u 590,000 59.000 3 May 08, 2018 Treasury stock Cash 590.000 590.000 4 May 31, 2018 320,000 Cash Treasury stock Additional pald-in capital sos 295,000 25,000 5 December 01, 201 Dividends Dividends payable 6 December 15, 2011 No journal entry required 7 December 30, 201 Olvidends payable Cash Required information [The following information applies to the questions displayed below) 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 2018, its first year of operations January 2 Issue 100,000 shares of common stock for $69 per share February 14 Issue 59,000 shares of preferred stock for $11 per share, May 8 Repurchase 10,000 shares of its own common stock for $59 per share. May 31 Reissue 5.000 shares of treasury stock for $64 per share. December 1 Declare a cash dividend on its common stock of So 30 per share and a $29,500 (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 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Net income for the year was $489.000 (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders Equity Section) December 31, 2010 Stockholders' equity! Total paid-in capital 0 Total stockholders' equity $ 0 Prev 15 of 17 . NAY
