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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 2012, National League's first year of operations:

Feb. 2 Issue 1 million shares of common stock for $25 per share.
Feb. 4 Issue 500,000 shares of preferred stock for $22 per share.
Jun. 15 Repurchase 100,000 shares of its own common stock for $20 per share.
Aug. 15 Reissue 75,000 shares of treasury stock for $35 per share.
Nov. 1

Declare a cash dividend on its common stock of $1 per share and a $600,000 (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.)
Nov. 30 Pay the dividends declared on November 1.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9984547

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