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Taking Flight Corporation designs and produces a line of golf equipment and golf apparel. Taking Flight has 1 0 0 , 0 0 0 shares
Taking Flight Corporation designs and produces a line of golf equipment and golf apparel. Taking Flight has shares of common stock outstanding as of the beginning of Taking Flight has the following transactions affecting stockholders' equity in
March
Issues additional shares of $ par value common stock for $ per share.
May
Purchases shares of treasury stock for $ per share.
June
Declares a cash dividend of $ per share to all stockholders of record on June Hint: Dividends are not paid on treasury stock.
July
Pays the cash dividend declared on June
October
Resells shares of treasury stock purchased on May for $ per share.
Required:Record each of these transactions. If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
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