Italian Stallion has the following transactions during the year related to stockholders' equity February 1 Issues...

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Italian Stallion has the following transactions during the year related to stockholders equity February 1 Issues 5,500 share

Journal entry worksheet < 1 @ @ @ @ Record the issuance of 5,500 shares of no-par common stock for $14 per share.

Journal entry worksheet 0 2 0 6 Record the issuance of 600 shares of $10 par value preferred stock for $11 per share.

Journal entry worksheet Ko @ 3o Record the declaration of a cash dividend of $1.00 per share to all stockholders of record (b

View transaction list Journal entry worksheet < 0 @ O 51 Record payment of the cash

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Answer 1

Answer #1


Date	Particulars	Debit	Credit
1-Feb	Cash	77000
	To Common stock		55000
	To premium on common stock		22000
	Being 5,500 shares of common stock issued at a premium of $4

15-May	Cash	6600
	To Preferred stock		6000
	To premium on Preferred stock		600
	Being 600shares of preferred stock issued at a premium of $1

1-Oct	No Journal entry is required

15-Oct	Dividend	6100
	To Dividend payable		6100
	Being 1$ dividend payable for one share accounted

31-Oct	Dividend Payable	6100
	To Cash		6100
	Being dividend paid to the shareholders

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Answer 2

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