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[The following information applies to the questions displayed below.] National League Gear has two classes of stock...

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Accounting

[The following information applies to the questionsdisplayed below.]

National League Gear has two classes of stock authorized: 5%,$20 par preferred, and $5 par value common. The followingtransactions affect stockholders’ equity during 2018, NationalLeague’s first year of operations:


February 2 Issue 1.5 million shares of common stock for $15 pershare.

February 4 Issue 400,000 shares of preferred stock for $24 pershare.

June 15 Repurchase 150,000 shares of its own common stock for$10 per share.

August 15 Reissue 112,500 shares of treasury stock for $25 pershare.

November 1 Declare a cash dividend on its common stock of $1.50per share and a $400,000 (5% of par value) cash dividend on itspreferred stock payable to all stockholders of record on November15. (Hint: Dividends are not paid on treasury stock.)

November 30 Pay the dividends declared on November 1.

15.

value:
1.25 points

Required information

Required:

1. Record each of these transactions.(If no entry is required for a transaction/event, select"No journal entry required" in the first accountfield.)

   

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