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Find national leagues first year of operations

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Reference no: EM131715483

National League Gear has two classes of stock authorized: 6%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2015, National League's first year of operations:

Record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

February 2    Issue 1.5 million shares of common stock for $20 per share.
February 4    Issue 450,000 shares of preferred stock for $22 per share.
June 15    Repurchase 150,000 shares of its own common stock for $15 per share.
August
 15    Reissue 112,500 shares of treasury stock for $30 per share.
November 1   

Declare a cash dividend on its common stock of $1.50 per share and a $540,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders on record on November 15. (Hint: Dividends are not paid on treasury stock.)
November 30    Pay the dividends declared on November 1.
 9.     Required information  
2.

Prepare the stockholders' equity section of the balance sheet as of December 31, 2015. Net income for the year was $4,750,000. (Amounts to be deducted should be indicated by a minus sign.)
 
NATIONAL LEAGUE GEAR
Balance Sheet
(Stockholders' Equity Section)
December 31, 2015
Stockholders' equity:
Total paid-in capital 0
Total stockholders' equity $0

Reference no: EM131715483

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