: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. Resell 6,000 shares of treasury stock for $48 per share. May 31 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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 connon stock for $53 per share. February 14 Issue 43 , e0e shares of preferred stock for $13 per share. May 8 Purchase 12 , eeo shares of its own conmon stock for s43 per share. Nay 31 Resell 6,600 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 $17,260 (4k of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15. The dividend is payable on December 3e. (init: Dividends are not paid on treasury stock.) Decenber 30 Pay the cash dividends dectared on Decenber 1. Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)