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 $$56$ per share.

February $14$ Issue $46,000$ shares of preferred stock for $$13$ per share.

May $8$ Purchase $12,000$ shares of its own common stock for $$46$ per share.

May $31$ Resell $6,000$ shares of treasury stock for $$51$ per share.

December $1$ Declare a cash dividend on its common stock of $$0,70$ per share and a $$18,400(4x$ 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:

Determine the financial statement effects of each of these transactions $2024.$

Complete this question by entering your answers in the tabs below.

January $02$

February $14$

May $08$

May $31$

December $1$

December $15$

December $30$

Issue $120,000$ shares of common stock for $$56$ per share.

Jamaty