Tennis Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $56 per share.February 14 Issue 46,000 shares of preferred stock for $13 per share.May 8 Purchase 12,000 shares of its own common stock for $46 per share.May 31 Resell 6,000 shares of treasury stock for $51 per share.December 1 Declare a cash dividend on its common stock of $0.70 per share and a $18,400 (4% 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 30 Pay the cash dividends declared on December 1.Problem 10-6A (Algo) Part 22. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2024. Net income for the year was $476,000. (Amounts to be deducted should be indicated by a minus sign.)

The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $18 per share.February 6 Issues 1,300 shares of 7% preferred stock for $13 per share.September 10 Purchases 12,000 shares of its own common stock for $23 per share.December 15 Resells 6,000 shares of treasury stock at $28 per share.Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Dallas Sports Ltd has 100 shares of $15, noncumulative, preferred shares outstanding, and $160,000 of common shares outstanding. In the company's first year of operation, no dividends were paid, but during the second year Dallas Sports paid dividends of $24,000. The dividend should be distributed as followsMultiple Choice$7,000 preferred; $7,000 common.$3,000 preferred; $21,000 common.$1,500 preferred; $22,500 common.$12,000 preferred; $12,000 common.$1,400 preferred; $12,600 common.

The GRAPES Corporation was authorized to issue 80,000 ordinary shares with P100 Par value. During the period, 50,000 ordinary shares has been issued and 10,000 ordinary shares were subscribed. At this point, the corporation holds 4,000 ordinary shares in the treasury. The number of shares outstanding areGroup of answer choices50,00056,00060,00046,000

A company reported the following stockholders’ equity on January 1 of the current year:Common stock–$10 par value, 1,000,000 shares authorized; 270,000 shares issued $ 2,700,000Paid-in capital in excess of par value, common stock 1,280,000Retained earnings 1,695,000Total stockholders’ equity $ 5,675,000Prepare journal entries for the following selected transactions.March 1  Purchased 12,000 shares of its own stock for $25 cash per share.May 5  Sold 6,000 shares of its treasury stock for $25 cash per share.October 12  Sold 4,000 shares of its treasury stock for $26 cash per share.

A company resells 400 shares of its own common stock for $20 per share. The company had acquired these shares two months before for $15 per share. The resale of this stock would be recorded with a:Multiple ChoiceCredit to Treasury Stock for $8,000.Debit to Common Stock for $8,000.Debit to Additional Paid-in Capital for $2,000.Credit to Additional Paid-in Capital for $2,000.