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Golf Apparel has two classes of stock authorized: $ par preferred, and $ par value common. The following transactions affect stockholders equity during its first year of operations:
January Issue shares of common stock for $ per share.
February Issue shares of preferred stock for $ per share.
May Purchase shares of its own common stock for $ per share.
May Resell shares of treasury stock for $ per share.
December Declare a cash dividend on its common stock of $ per share and a $ of par value cash dividend on its preferred stock payable to all stockholders of record on December The dividend is payable on December Hint: Dividends are not paid on treasury stock.
December Pay the cash dividends declared on December
Prepare the stockholders equity section of the balance sheet as of December Net income for the year was $
