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Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7)

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Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of operations:

January 2	Issue 100,000 shares of common stock for $58 per share.
February 14	Issue 48,000 shares of preferred stock for $11 per share.
May 8	Purchase 10,000 shares of its own common stock for $48 per share.
May 31	Resell 5,000 shares of treasury stock for $53 per share.
December 1	Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (5% 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 1

Required:

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