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Exercise 10-5A Record common stock, preferred stock, and dividend transactions (LO10-2, 10-3, 10-5) Italian Stallion...

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Exercise 10-5A Record common stock, preferred stock, and dividend transactions (LO10-2, 10-3, 10-5) Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,500 shares of no-par common stock for $14 per share. May 15 Issues 600 shares of $10 par value, 10% preferred stock for $11 per share. October 1 Declares a cash dividend of $1.00 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. 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.)

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