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Tennis Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024,

Tennis Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of operations:

January 2 Issue 120,000 shares of common stock for $53 per share.

February 14 Issue 43,000 shares of preferred stock for $13 per share.

May 8 Purchase 12,000 shares of its own common stock for $43 per share.

May 31 Resell 6,000 shares of treasury stock for $48 per share.

December 1 Declare a cash dividend on its common stock of $0.40 per share and a $17,200 (4% 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.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Journal entry worksheet Record the issuance of 120,000 shares of common stock for $53 per share. Note: Enter debits before credits. Journal entry worksheet 4567 Record the issuance of 43,000 shares of preferred stock for $13 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 12,000 shares of its own common stock for $43 per share. Note: Enter debits before credits. Journal entry worksheet

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