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  3. a company designs and produces a line of golf equi

A company designs and produces a line of golf equipment and golf apparel. The company...

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Accounting

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A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. The company has the following transactions affecting stockholders' equity in Year 1. March May June 1 Issues 48,600 additional shares of $1 par value common stock for $45 per share. 10 Purchases 4,300 shares of treasury stock for $48 per share. 1 Declares a cash dividend of $1.15 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,150 shares of treasury stock purchased on May 10 for $53 per share. Required: Record each of these transactions (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 March 01 Cash 2. 160,000 Common Stock 48 000 00 Additional Paid-in Capital 2.112.000 2 May 10 Treasury Stock 0 206.400 Cash 206.400 3 June 01 50 255 Retained Earnings Dividends Payable 50 2553 4 July 01 Dividends Payable 50 255 OO Cash 50 2553 5 October 21 Dividends Payable Cash 50 255 3 3 50.255

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