Major League Apparel has classes of stock authorized 6%, $10 par preferred, and $1 par value common. The following affect stockholders’ equity during 2018, its first year of operations: January 2 Issue 110,000 shares of common stock for $64 per share. February 14 Issue 54,000 shares of preferred stock for $12 per share. May 8 Repurchase 11,000 shares of its own common stock for $54 per share. May 31 Reissue 5, 500 shares of treasury stock for $59 per share. December 1 Declare a cash dividend on its common stock of $0.70 per share and a $32, 400 (6% 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.December 30 Pay the cash dividends declared on December 1. Required: Record each of these transactions. (If no entry is required for a particular transaction, select “No journal entry required” in the first account field.) transaction list Issue 110,000 shares of common stock for $64 per share. Issue 54,000 shares of preferred stock for $12 per share. Repurchase 11,000 shares of its own common stock for $54 per share. Reissue 5, 500 shares of treasury stock for $59 per share. Record the declaration of cash dividends. Record the entry on the date of record. Pay the cash dividends declared on December l. Record the payment of cash dividends.Show transcribed image text Major League Apparel has classes of stock authorized 6%, $10 par preferred, and $1 par value common. The following affect stockholders’ equity during 2018, its first year of operations: January 2 Issue 110,000 shares of common stock for $64 per share. February 14 Issue 54,000 shares of preferred stock for $12 per share. May 8 Repurchase 11,000 shares of its own common stock for $54 per share. May 31 Reissue 5, 500 shares of treasury stock for $59 per share. December 1 Declare a cash dividend on its common stock of $0.70 per share and a $32, 400 (6% 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.December 30 Pay the cash dividends declared on December 1. Required: Record each of these transactions. (If no entry is required for a particular transaction, select “No journal entry required” in the first account field.) transaction list Issue 110,000 shares of common stock for $64 per share. Issue 54,000 shares of preferred stock for $12 per share. Repurchase 11,000 shares of its own common stock for $54 per share. Reissue 5, 500 shares of treasury stock for $59 per share. Record the declaration of cash dividends. Record the entry on the date of record. Pay the cash dividends declared on December l. Record the payment of cash dividends.
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