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Ma or League Apparel has two classes of stock authorized: operations % $10 par preferred,...

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Accounting

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Ma or League Apparel has two classes of stock authorized: operations % $10 par preferred, and Si par value con mon The following transactions affect stockholders' equity during 2018, its first year of January 2 Issue 110,000 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share May 8 Repurchase 11000 shares of its own common stock for $57 per share May 31 Reissue 5,500 shares of treasury stock for $62 per share. December 1 Declare a cash dividend on its common stock of $0.40 per share and a $34,200 (6% of par value) cash dividend on its preferred stock payable to al stockholders of record on December 15. The dividend is payable on December 30. (Hint Dividends are not paid on treasury stock December 30 Pay the cash dividends declared on December 1 Required information 400 points 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Net income for the year was $487,000. (Amounts to be deducted should be indicated by a minus sign MAJOR LEAGUE APPAREL Balance Sheet (Stockholders Equity Section) December 31, 2018 Stockholders' equity 570,000 stock Additional paid in capital 110,000 Total paid-in capital 80,000

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