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  3. 1.record the issuance of 100,000 shares of common

1.Record the issuance of 100,000 shares of common stock for $55 per share. ...

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Accounting

1.Record the issuance of 100,000 shares of common stock for $55 per share.
2.Record the issuance of 45,000 shares of preferred stock for $11 per share.
3.Record the purchase of 10,000 shares of its own common stock for $45 per share.
4.Record the resale of 5,000 shares of treasury stock for $50 per share.
5.Record the declaration of a cash dividend on its common stock of $0.75 per share and a $22,500(5% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30.(Hint: Dividends are not paid on treasury stock.)
6.Record the entry on December 15, the date of record.
7.Record the payment of the cash dividends declared on December 1.
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