Business, 31.12.2020 19:20 hartzpeyton136

Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $51 per share.
February 14 Issue 41,000 shares of preferred stock for $12 per share.
May 8 Repurchase 11,000 shares of its own common stock for S60 per share.
May 31 Reissue 5,500 shares of treasury stock for S65 per share.
December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. December December 30Pay the cash dividends declared on December 1.

Required:
a. Record each of these transactions.
b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2015. Net income for the year was $490,000.

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Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value co...

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