90.2K

Verified Solution

Link Copied!

Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 490 shares of preferred stock and 5,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 3,000 shares of common stock for $61 per share. May 15 Purchase 590 shares of treasury stock for $54 per share. July 10 Resell 390 shares of treasury stock purchased on May 15 for $59 per share. October 15 Issue 390 shares of preferred stock for $64 per share. December 1 Declare a cash dividend on both common and preferred stock of $2.40 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, $490; Common Stock, $59; Additional Paid-in Capital, $85,500; and Retained Earnings, $34,300. Net income for the year ended December 31, 2021, is $14,600. Required: 1. 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.) Required: 1. 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.) View transaction list Journal entry worksheet Record the issuance of 3,000 shares of common stock for $61 per share. Note: Enter debits before credits. Date General Journal Debit Credit March 01, 2021 Record entry Clear entry View general journal Required: 1. 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.) View transaction list Journal entry worksheet ko? O O O O O Record the purchase of 590 shares of treasury stock for $54 per share. Note: Enter debits before credits. General Journal Debit Credit Date May 15, 2021 Record entry Clear entry View general journal Required: 1. 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.) View transaction list Journal entry worksheet Record the issuance of 390 shares of preferred stock for $64 per share. Note: Enter debits before credits. Date General Journal Debit Credit October 15, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the declaration of a cash dividend on both common and preferred stock of $2.40 per share to all stockholders. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2021 Record entry Clear entry View general journal Required: 1. 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.) View transaction list Journal entry worksheet Record the entry on December 15. Note: Enter debits before credits. Date General Journal Debit Credit December 15, 2021 Record entry Clear entry View general journal Required: 1. 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.) View transaction list Journal entry worksheet Record the cash dividends declared on December 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert

See Answer