National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2021, National League’s first year of operations:
February | 2 | Issue 1.4 million shares of common stock for $16 per share. | |
February | 4 | Issue 410,000 shares of preferred stock for $23 per share. | |
June | 15 | Purchase 140,000 shares of its own common stock for $11 per share. | |
August | 15 | Resell 105,000 shares of treasury stock for $26 per share. | |
November | 1 | Declare a cash dividend on its common stock of $1.40 per share and a $328,000 (4% 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. |
Nation League Gear
Journal Entries
Date | Account Title | Debit | Credit |
Feb-02 | Cash | $ 22,400,000 | |
Common Stock | $ 7,000,000 | ||
Paid in Capital in excess of par | $ 15,400,000 | ||
Feb-04 | Cash | $ 9,430,000 | |
Preferred Stock | $ 8,200,000 | ||
Paid in Capital in excess of par | $ 1,230,000 | ||
Jun-15 | Treasury Stock | $ 1,540,000 | |
Cash | $ 1,540,000 | ||
Aug-15 | Cash | $ 2,730,000 | |
Treasury Stock | $ 1,155,000 | ||
Paid in Capital in excess of par | $ 1,575,000 | ||
Nov-01 | Retained earnings | $ 2,239,000 | |
Cash dividends payable - Common Stock (1,365,000 * 1.40) | $ 1,911,000 | ||
Cash dividends payable - Preferred Stock | $ 328,000 | ||
Nov-30 | Cash dividends payable - Common Stock (1,365,000 * 1.40) | $ 1,911,000 | |
Cash dividends payable - Preferred Stock | $ 328,000 | ||
Cash | $ 2,239,000 |
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par...
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2021, National League’s first year of operations: February 2 Issue 1.4 million shares of common stock for $16 per share. February 4 Issue 410,000 shares of preferred stock for $23 per share. June 15 Purchase 140,000 shares of its own common stock for $11 per share. August 15 Resell 105,000 shares of treasury stock for...
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.4 million shares of common stock for $16 per share. February 4 Issue 410,000 shares of preferred stock for $23 per share. June 15 Purchase 140,000 shares of its own common stock for $11 per share. August 15 Resell 105,800 shares of treasury stock for...
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 2021, National League’s first year of operations: Required information [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 2021, National League's first year of operations: February 2 Issue 1.5 million...
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 2021, National League’s first year of operations: February 2 Issue 1.5 million shares of common stock for $30 per share. February 4 Issue 550,000 shares of preferred stock for $24 per share. June 15 Purchase 150,000 shares of its own common stock for $25 per share. August 15 Resell 112,500 shares of treasury stock for...
Required information (The following information applies to the questions displayed below.) National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.2 million shares of common stock for $32 per share. February 4 Issue 570,000 shares of preferred stock for $23 per share. June 15 Purchase 120,000 shares of its own common stock for $27...
The following information applies to the questions displayed below) National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2018, National League's first year of operations: February 2 Issue 11 million shares of common stock for $26 per share. February 4 Issue 510,000 shares of preferred stock for $23 per share. June 15 Repurchase 110,000 shares of its own common stock for $21 per share....
Major League Apparel has two classes of stock authorized: 4%. $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021. its first year of operations: January 2 Issue 120,000 shares of common stock for $50 per share. February 14 Issue 40,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $40 per share. May 31 Resell 6,000 shares of treasury stock for $45 per...
Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $57 per share. May 31 Resell 5,500 shares of treasury stock for $62 per...
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations: January 2 Issue 100,000 shares of common stock for $69 per share. February 14 Issue 59,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $59 per share. May 31 Resell 5,000 shares of treasury stock for $64 per...
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations. Have a few following journal transactions - please show work and explain!! FEB 14 - Record the issuance of 53,000 shares of preferred stock for $11 per share. MAY 31 - Record the resell of 5,000 shares of treasury stock for $58 per share. DEC 1 - Record the...