Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 490 hares of preferred stock and 5,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 May 15 July 10 October 15 December 1 Issue 3,000 shares of common stock for $61 per share. Repurchase 590 shares of treasury stock for $54 per share. Resell 390 shares of treasury stock purchased on May 15 for $59 per share. Issue 390 shares of preferred stock for $64 per share. Declare a cash dividend on both common and preferred stock of $2.40 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Required: Record each of these transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 490 hares of preferred stock and 5,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 May 15 July 10 October 15 December 1 Issue 3,000 shares of common stock for $61 per share. Repurchase 590 shares of treasury stock for $54 per share. Resell 390 shares of treasury stock purchased on May 15 for $59 per share. Issue 390 shares of preferred stock for $64 per share. Declare a cash dividend on both common and preferred stock of $2.40 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Required: Record each of these transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
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