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Record stock transactions.(LO 1, 2, 3) Minute Magazine Publications, Inc., is author TH ized to issue both preferred and common stock. Minute Magazines preferred stock is $155 par, 10% preferred stock. During the first month of operations, the company engaged in the following ransactions related to its stock. For each of the following transactions, show how it would be recorded in the accounting equation // О ес May1 Issued 50,000 shares of $1.00 par value common stock for cash at $12 per share Issued 2,000 shares of preferred stock at par Purchased 2,500 shares of common stock to be held in the treasury $15 per share Issued 35,000 shares $1.00 par value common stock for cash at $18 per share Sold 2,000 shares of the treasury stock purchased on the 17th for $20 per share Declared a $39,000 dividend May 9 May 17 May 21 May 28 May 31
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2 Balance sheet Equation 4 Assets Liabilities + Stockholders equitv Retained Treasury stock Paid in capital earnings Date Paid in Paid in capital DividendPreferredCommon payable Cash stock stock Tn excess of parcapital from treasurv Common stock stock +S 50,000+ S 550,000+ May 1 S600,000 9S310,000 May 17S37.500 May 21S 630,000 May 28S40,000 +S 310,000+ S 37,500 10 35,000+ 595.000+ +S 10,000+ S 30,000 31 39.000+ $39.000 39.000 12 13 Total 1542.500 39.000S 310,000S 85,000 1,145.000 10.000+ 7.500Working note:

2.

Note: Net income is not given. If company has net income then it must be added with retained earnings.

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