[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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