[The following information applies to the questions displayed below.]

National League Gear has two classes of stock authorized: 5%, $20 par preferred, and $5 par value common. The following transactions affect stockholders equity during 2018, National Leagues first year of operations:

February 2 Issue 1.5 million shares of common stock for $15 per share.

February 4 Issue 400,000 shares of preferred stock for $24 per share.

June 15 Repurchase 150,000 shares of its own common stock for $10 per share.

August 15 Reissue 112,500 shares of treasury stock for $25 per share.

November 1 Declare a cash dividend on its common stock of $1.50 per share and a $400,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.)

November 30 Pay the dividends declared on November 1.

15.

value: 1.25 points

Required information

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.)

References

eBook & Resources

General Journal