$10$ Homework $-$ Due $5/7$ i

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Exercise $10-6($Static$)$ Record common stock, preferred stock, and dividend transactions $($LO$10-2,10-3,10-5)$

Italian Stallion has the following transactions during the year related to stockholders' equity.

February $1$ Issues $6,000$ shares of no$-$par common stock for $$16$ per share.

May $15$ Issues $700$ shares of $$10$ par value, $12\mathrm{.}5\%$ preferred stock for $$13$ per share.

October $1$ Declares a cash dividend of $$1\mathrm{.}25$ per share to all stockholders of record $($both common and preferred$)$ on October $15.$

October $15$ Date of record.

October $31$ Pays the cash dividend declared on October $1.$

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.$)$

Journal entry worksheet

$2$

$3$

$4$

$5$

Record the declaration of a cash dividend of $$1\mathrm{.}25$ per share to all stockholders of record $($both common and preferred$)$ on October $15.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$October $01,$Cash,,$],[,$Dividends Payable,,$],[,,],[,,],[,,],[,,]]$