Required information [The following information applies to the questions displayed below.] National League Gear has...

60.1K

Verified Solution

Question

Accounting

image
image
Required information [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized: 5%,$20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2024, National League's first year of operations: February 2 Issue 1.1 million shares of common stock for $24 per share. February 4 Issue 490,000 shares of preferred stock for $24 per share. June 15 Purchase 110 ,eas shares of its om common stock for $19 per share. August 15 Reset1 82,500 shares of treasury stock for $34 per share. November 1 Declare a cash dividend on its conmon stock of $1.10 per share and a $490,000 ( 5v of par vatue) cash dividend on its preferred stock payable to all stockholders of record on Novenber 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on Novenber 1. Required: 1. Record each of these transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information [The following information applies to the questions displayed below] National League Gear has two classes of stock authorized: 5%,$20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2024, National League's first year of operations: February 2 Issue 1.1 million shares of common stock for $24 per share. February 4 Issue 490 , 000 shares of preferred stock for $24 per share. June 15 Purchase 110 , e00 shares of its own common stock for $19 per share. August 15 Resell 82,500 shares of treasury stock for $34 per share. Novenber 1 bectare a cash dividend on 1ts comon 5 tock of $1.10 per share and a $490,000 ( 54 of par. value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) Novenber 30 Pay the dividends declared on Novenber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $4,790,000 (Amounts to be deducted should be indicated by a minus sign.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students