Required information [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $66 per share. February 14 Issue 56,000 shares of preferred stock for $11 per share. May 8 May 31 Purchase 10,000 shares of its own common stock for $56 per share. Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $8.45 per share and a $28,000 (5% 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. (Hint: Dividends are not paid on treasury stock.) December 38 Pay the cash dividends declared on December 1. Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs account field.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $486,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity:
Required information [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $66 per share. February 14 Issue 56,000 shares of preferred stock for $11 per share. May 8 May 31 Purchase 10,000 shares of its own common stock for $56 per share. Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $8.45 per share and a $28,000 (5% 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. (Hint: Dividends are not paid on treasury stock.) December 38 Pay the cash dividends declared on December 1. Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs account field.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $486,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity:
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.6E
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answer in text form please (without image), Note: .Every entry should have narration please
![Required information
[The following information applies to the questions displayed below.]
Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 100,000 shares of common stock for $66 per share.
February 14 Issue 56,000 shares of preferred stock for $11 per share.
May 8
May 31
Purchase 10,000 shares of its own common stock for $56 per share.
Resell 5,000 shares of treasury stock for $61 per share.
December 1 Declare a cash dividend on its common stock of $8.45 per share and a $28,000 (5% 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. (Hint: Dividends are not paid on treasury stock.)
December 38 Pay the cash dividends declared on December 1.
Required:
1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs
account field.)
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $486,000.
(Amounts to be deducted should be indicated by a minus sign.)
LITTLE LEAGUE APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2Fefbf095e-febb-4f9b-938d-eab7b7e51a0a%2Fwou9c5_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 100,000 shares of common stock for $66 per share.
February 14 Issue 56,000 shares of preferred stock for $11 per share.
May 8
May 31
Purchase 10,000 shares of its own common stock for $56 per share.
Resell 5,000 shares of treasury stock for $61 per share.
December 1 Declare a cash dividend on its common stock of $8.45 per share and a $28,000 (5% 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. (Hint: Dividends are not paid on treasury stock.)
December 38 Pay the cash dividends declared on December 1.
Required:
1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs
account field.)
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $486,000.
(Amounts to be deducted should be indicated by a minus sign.)
LITTLE LEAGUE APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
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