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stuck on this accounting problem Required information Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (L010-2. 10-3, 10-4, 10-5)
stuck on this accounting problem
Required information Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (L010-2. 10-3, 10-4, 10-5) The following information applies to the questions displayed below) Donnie Hilfiger has two classes of stock outhorized: $1 par preferred and $0.01 por value common. As of the beginning of 2021,400 shares of preferred stock and 5,000 shares of common stock have been issued. The following transactions offect stockholders' equity during 2021 March 1 Tsave 2,100 shares of common stock for 552 per share. May 15 Purchase 500 shares of treasury stock for 45 per share. July 10 Ronell 300 shares of treasury stock purchased on May 15 for $50 per share. October 15 Innue 300 shares of preferred took for $55 per share December 1 Declare a cash dividend on both common and preferred stock of 51.50 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. $400, Common Stock. $50; Additional Pald-in Capital, $81,000; and Retained Earnings, $32,500. Net income for the year ended December 31, 2021, is $12.800 Problem 10-2A Part 2 2. Select whether each of the following transactions increases ( + ) or decreases ( - ) total assets, total liabilities, and total stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.) Transaction Total Assets Total Liabilities Total Stockholders' Equity Issue common stock Purchase treasury stock Resell treasury stock Issue preferred stock Declare cash dividends Pay cash dividends Step by Step Solution
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