60.1K

Verified Solution

Link Copied!

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

See Answer